An American entrepreneur and Founder of Go Daddy, Bob Parsons has agreed to pay a huge amount of $133 million for a restyled retail center.
In the past, iStar Financial Inc, redeveloped the 76-acre Westgate Entertainment District in Glendale.
“The transaction, which includes 33 acres of undeveloped land, is one of Arizona’s largest retail real estate deals and marks the turnaround of a soured development with the popular experiential focus”, iStar claimed in a statement.
Parsons YAM Properties LLC. is said to buy Westgate without taking any debt from iStar.
“Brick-and-mortar retailers can compete with e-commerce if they create a unique destination and offer products that can’t be found online”, asserts James Cook, Americas research director for retail at JLL.
He further adds on saying,“There is a caveat there are certain shopping centers that have a lot of competition or they might not have been built in the right area.You got to be in a good location to begin with.”
Westgate, a $2 million mixed- use center was promoted by regional developer Steve Ellman with the Gila River Arena, the home of Arizona Coyotes hockey team.
Gradually after sometime, Ellen was unable to pay the remaining balance of $97.5 million and it eventually turned out to foreclosing of a part of the property that was known as the Westgate City Center.
YAM Properties have bigger plans for future
The future plans consist of a ravishing boutique hotel, with more specialized housing, some real estate offices and home entertainment.
In the past history, Parsons has owned a lot of local businesses through YAM Worldwide Inc. which includes more than $630 million of a commercial real estate.
“The size, tenant mix and entertainment opportunities, along with its proximity to the sports arenas, make Westgate a high-profile asset”, said head of the YAM Properties, Dan Dahl
