The sale marks a new vision for the 76-acre entertainment hub
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--YAM Properties LLC announced today that they have closed on the purchase
of the Westgate Entertainment District from iStar Inc. Details of the
sale were not disclosed.
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The 76-acre site, located in Glendale, includes 533,000 square feet of
current retail, office and residential space. Projects under
consideration for the 33 acres of undeveloped property include a
boutique hotel, additional multi-family residential, office and
specialty entertainment retail space.
“The potential at Westgate is huge,” said Bob Parsons, American
entrepreneur and philanthropist. “Westgate currently offers visitors a
wide variety of entertainment options, but we’re looking to develop
features that will entice even more visitors and residents to this
unique and vibrant Valley location.”
YAM Properties is the Scottsdale-based real estate investment and
development group of businessman and philanthropist Bob Parsons.
Including the Westgate purchase, YAM Properties owns and manages more
than 2.5 million square feet of commercial properties in Arizona. Their
portfolio includes three other developments in north Glendale.
“Mr. Parsons’ undeniable track record of success in business and
investment strategy speaks for itself. The fact that he is willing to
make such a significant investment is a clear indicator that Westgate
will continue to be an economic driver for our community,” said Glendale
Mayor Jerry Weiers. “The Westgate development began as a catalyst
project to create a unique destination in the West Valley, and it has
been transformed into an exciting sports and entertainment district with
amenities for all ages.”
“We are thrilled about the Westgate acquisition by Arizona’s own Bob
Parsons,” said Glendale City Manager Kevin Phelps. “We see tremendous
benefit to having local Arizona ownership and are excited to provide the
signature level of service needed to help bring YAM Properties’
visionary development plan to fruition.”
About YAM Properties LLC
YAM Properties LLC is the Scottsdale, Arizona-based real estate
investment and development arm of YAM Worldwide, Inc. Since 2012, the
company has acquired more than $630 million in commercial real estate,
and currently owns and operates more than 2.5 million square feet of
retail and office space. YAM Properties made the transition from
redevelopment and management to ground-up construction and leasing
efforts with YAM Circle, a 17,800-square-foot shopping and dining
destination in North Scottsdale, slated to open in late 2018.
With commercial properties in Mesa, Glendale, Phoenix, Scottsdale and
Tempe, YAM Properties has more than 400 retail and office tenants
spanning Greater Phoenix. The YAM Properties portfolio includes:
Westgate Entertainment District, 101 & Scottsdale, Agua Caliente,
Arrowhead Professional Center, Centerpoint on Mill, Citadelle Plaza,
Cornerstone, Hayden Station, Il Palazzo at Arrowhead Ranch, McDowell
Mountain Marketplace, Scottsdale Grayhawk Center, Shoppes at Legacy
House, Sonora Village, Village at Shea, Village Center, and YAM Circle.
For more information about YAM Properties developments and tenants,
visit www.YAMproperties.com.
About Westgate Entertainment District
Located in Glendale, Westgate Entertainment District is the premier
entertainment destination of the West Valley and a place where people
come together for dining, nightlife, shopping, community events,
business, concerts, sporting events and celebrations of all kinds.
Offering a vibrant outdoor setting with a dancing water fountain and
jumping fountains for kids, Westgate delivers an interactive experience
day or night. Located just east of the Loop 101 on Glendale Avenue, it
encompasses more than 30 restaurants, retailers and entertainment venues
including Dave & Buster’s, Bar Louie, Buffalo Wild Wings, Yard House,
McFadden’s, Kabuki Japanese Restaurant, Johnny Rockets, IT’SUGAR and the
state’s largest AMC Theatres, featuring 20 screens.
More than 250 events take place here a year ranging from live music
every Friday and Saturday night at Fountain Park to Bike Nights, Hot Rod
Nights, Fitness in the District, a holiday ice rink and fan experience
events. No matter the season, there is something fresh, fun and exciting
always happening at Westgate. Westgate is also anchored by Gila River
Arena, home to the NHL’s Arizona Coyotes, headlining concerts and major
events, and is adjacent to the University of Phoenix Stadium, home to
the NFL’s Arizona Cardinals. For more information, a tenant directory or
to see what’s happening, visit www.westgateaz.com.
Contacts
Big Yam
Curtis Steinhoff, 480-410-6074
or
City
of Glendale
Sue Breding, 623-930-2964