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.
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.