Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

iStar Completes Successful Redevelopment and Sale of Westgate Entertainment District

iStar Completes Successful Redevelopment and Sale of Westgate Entertainment District

Transaction marks one of the largest retail real estate trades in Arizona history

iStar (NYSE: STAR) announced today it has completed the repositioning and sale of the Westgate Entertainment District, Arizona’s premier sports and entertainment destination, to YAM Properties LLC for $133 million.

The transaction is the culmination of iStar’s long-term vision to transform a struggling retail center in the Phoenix metropolitan area surrounded by 70-plus acres of undeveloped land and empty parking lots into one of the most successful mixed-use entertainment destinations in the Southwest region.

Since 2012, iStar has executed over 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, and brought to the district multiple new entertainment options including Dave & Busters and Tavern+Bowl. Additionally, iStar partnered with Tanger Factory Outlet Centers, Inc. to build the successful 400,000 square foot Tanger Outlets Westgate, in which iStar subsequently sold its interest in 2016.

“Westgate’s revitalization required iStar’s full suite of real estate expertise and problem-solving capabilities,” said David Sotolov, iStar Executive Vice President. “With nearly $500 million of additional investments in the Southwest, we remain active lenders, investors and partners to the most sophisticated real estate investors in the region.

“Westgate’s sale marks the end of a highly successful business plan that would not have been possible without the work of our Phoenix-based partners, Teetsel Properties and Vestar. We are thrilled to now turn over this fantastic asset to the visionary Bob Parsons and his team at YAM Properties, while we continue to expand our core real estate finance and investment businesses.”

The 76-acre property includes 553,000 square feet of dynamic retail, office and residential space and 33 acres of fully entitled land.

“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.

iStar (NYSE: STAR) finances, invests in and develops real estate and real estate related projects as part of its fully-integrated investment platform. Building on over two decades of experience and more than $35 billion of transactions, iStar brings uncommon capabilities and new ways of thinking to commercial real estate and adapts its investment strategy to changing market conditions. The Company is structured as a real estate investment trust (“REIT”), with a diversified portfolio focused on larger assets located in major metropolitan markets. Additional information on iStar is available on its website at www.istar.com.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post