June 13, 2018
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YAM Westgate, LLC, a venture formed by Scottsdale, AZ-based YAM Properties, acquired Westgate Entertainment District, a sports and entertainment destination in Glendale, AZ, from iStar Properties, Inc.’s The New Westgate, LLC for $133 million. The buyer is a commercial real estate company owned by GoDaddy founder Bob Parsons.
The sale follows completion of a repositioning of the 76-acre Phoenix Metro property that encompasses 553,000 square feet of retail, office and residential space, and 33 acres of fully entitled land east of the Loop 101 on Glendale Avenue. The sellers’ long-term vision was to transform a struggling West Valley retail center into a dynamic mixed-use entertainment destination.
Since 2012, iStar executed more than 50 retail and office leases totaling in excess of 260,000 square feet, converted two floors of vacant office space into 76 luxury loft-style residential units, brought multiple new entertainment options, and partnered with Tanger Factory Outlet Centers, Inc. to build the 400,000 square foot Tanger Outlets Westgate.
CBRE’s Jimmy Slusher, Kirk Brummer, Sean Heitzler and Philip Voorhees of NRP-West, along with Jesse Goldsmith, Steve Julius and Bryan Taute with CBRE’s Phoenix office, represented both the buyer and the seller.
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