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October 23, 2018
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Phoenix Retail and Office Destination Center Trades in $133 Mil Transaction

6/13/18

Westgate Entertainment District, a 533.1k sf retail, entertainment and office center in the Phoenix metro area, sold for $133 mil ($250/sf). The 46.6-acre property, located at 6751 N. Sunset Blvd in Glendale, also includes 30 acres of undeveloped land on the north side of the property.

The buyer was YAM Westgate LLC, a venture formed by Scottsdale, AZ-based YAM Properties. The asset, situated near the Loop 101 and Glendale Ave, was sold by The New Westgate LLC, formed by iStar Properties Inc.

Open since 2006, Westgate Entertainment District offers more than 40 retailers and restaurants including a 20-screen AMC Theatre, Dave & Busters and Yard House. The center also includes 159k sf of Class A office space as well as 76 luxury multifamily lofts located on the upper floors. Nearby attractions include Gila River Arena, University of Phoenix Stadium and Tanger Outlets. The property also offers immediate access to the Phoenix metro region via Loop 101.

CBRE retail experts Jimmy Slusher, Kirk Brummer, Sean Heitzler and Phil 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 in the deal.

“It was fantastic to see a local firm committed to excellent projects in Phoenix and surrounding communities prevail in this marketing process,” said Voorhees. “Westgate’s prior ownership positioned the property perfectly for this sale, with the asset providing an ideal combination of high-performing, internet-resistant dining and entertainment uses, income stability and growth from the dining, retail, office and apartment use types, and with future development components as well. It will be exciting to follow YAM’s evolution of the Westgate Entertainment District in the years to come. YAM is the perfect owner for this property.”

The West Valley is one of the fastest growing areas of greater Phoenix and is projected to outpace the U.S. annual rate of growth, according to CBRE Research. Already, more than a third of the Phoenix metro’s population, or 1,623,473 residents, live in the West Valley.





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