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Phoenix’s Westgate center sold for $133 million

Scottsdale-based YAM Properties has purchased the 46-acre Westgate Entertainment District outside of Phoenix, an entertainment magnet that has proximity to University of Phoenix Stadium, the Gila River Arena, and Tanger Outlets.

Sale price was $133 million, according to CBRE’s National Retail Partners-West, which brokered the deal on behalf the both the buyer and seller, The New Westgate, LLC, formed by iStar Properties, Inc. The property, with 533,116 sq. ft. of GLA, went on the market in April.

“It was fantastic to see a local firm committed to excellent projects in Phoenix and surrounding communities prevail in this marketing process,” said CBRE executive VP Philip Voorhees. He described Westgate as a one-of-a-kind property combining internet-resistant income stability and growth from its entertainment, dining, retail, office, and residential components.

Opened in the Phoenix suburb of Glendale in 2006, the Westgate features more than 40 retailers and restaurants, including a 20-screen AMC Theatre, Dave & Busters, and Yard House.

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