YAM Properties closes on purchase of Westgate

Earlier this month, YAM Properties LLC announced that it closed on the purchase of the Westgate Entertainment District from iStar Inc.

“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,” said Glendale Mayor Jerry Weiers.

Westgate currently consists of 533,000 square feet of retail, office and residential space. With 33 acres of undeveloped property slated to be used for a boutique hotel, residential, office and specialty entertainment retail space, Westgate is a massive growth opportunity for the West Valley. Westgate is YAM’s fourth development in Glendale.

“The potential at Westgate is huge,” said Parsons. “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.”

Westgate went on the market in April, with an asking price of $142 million. YAM acted quickly, purchasing the 76-acre property for $133 million. A local company, YAM is familiar with the needs of the West Valley and its potential for growth as it has seen an influx of new residents in recent years.

“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 Mayor Weiers.

YAM Properties is a commercial real-estate investment and development group owned by GoDaddy founder Bob Parsons, it is a part of YAM Worldwide, Inc. The company currently owns and operates over 2.5 million square feet of retail and office space, acquiring more than $630 million in commercial real estate since 2012.

“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,” said Glendale City Manager Kevin Phelps.