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Westgate Entertainment District

Glendale’s Westgate Entertainment District Divested by iStar for $133M

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YAM Westgate, LLC, a venture formed by Scottsdale, AZ-based YAM Properties, acquired Westgate Entertainment District, a sports and entertainment destination in Glendale, AZ, from iStar Properties, Inc.’s The New Westgate, LLC for $133 million. The buyer is a commercial real estate company owned by GoDaddy founder Bob Parsons.

The sale follows completion of a repositioning of the 76-acre Phoenix Metro property that encompasses 553,000 square feet of retail, office and residential space, and 33 acres of fully entitled land east of the Loop 101 on Glendale Avenue. The sellers’ long-term vision was to transform a struggling West Valley retail center into a dynamic mixed-use entertainment destination.

Since 2012, iStar executed more than 50 retail and office leases totaling in excess of 260,000 square feet, converted two floors of vacant office space into 76 luxury loft-style residential units, brought multiple new entertainment options, and partnered with Tanger Factory Outlet Centers, Inc. to build the 400,000 square foot Tanger Outlets Westgate.

CBRE’s Jimmy Slusher, Kirk Brummer, Sean Heitzler and Philip 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.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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