Glendale's Westgate district has new owner

PHOENIX (KSAZ) - Glendale's shopping and entertainment district, known as "Westgate", now has a new owner.

Back in April, the area was listed for sale for $142 million. On Tuesday, YAM Properties announced they have purchased the entertainment district.

In a statement, officials with the company said they are a Scottsdale-based real estate investment and development group, owned by businessman Bob Parsons. Details of the sale were not disclosed.

"It's an iconic property right in front of the Gila River Arena," said Dan Dahl, Director of Real Estate for YAM Properties, referring to the home stadium of the Arizona Coyotes.

Officials also talked about the risk of losing the Coyotes.

"The Coyotes, we'd love to have them here," said Dahl. "We'd love to have them stay where they are at."

"If we focused on the cloud that was overhead, you could focus all your time on that," said Jeff Teetsel, Development Partner at YAM Properties. "We focus on creating value here."

YAM Properties has expansion on the mind, with 33 acres still undeveloped.

"A boutique hotel, maybe some multi-family class a office, it's limitless," said Dahl.

"We're focused on traditional real estate with the land we control," said Teetsel. "Spring Training is a great time for Westgate as it is. March is a tremendous month here with the facilities near us, but we'll focus on retail, office, residential and hotel, with the land that we have."

When Westgate was sold in 2011, just 75 percent of retail was occupied, and only 50 percent of the office space was full. Now, the new owners say it's 95 and 86 percent, respectively.