YAM Properties buys Phoenix entertainment district for $133m
YAM Properties has purchased the Westgate Entertainment District in Glendale, Ariz., from iStar Inc. The sales price was not disclosed, but media sources are pricing the transaction at $133 million.
The 76-acre site 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 multifamily residential, office and specialty entertainment retail space.
YAM Properties is a Scottsdale, Ariz.-based real estate investment and development group of businessmen 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.