Phoenix’s Westgate center sold for $133 million
Scottsdale-based YAM Properties has purchased the 46-acre Westgate Entertainment District outside of Phoenix, an entertainment magnet that has proximity to University of Phoenix Stadium, the Gila River Arena, and Tanger Outlets.
Sale price was $133 million, according to CBRE’s National Retail Partners-West, which brokered the deal on behalf the both the buyer and seller, The New Westgate, LLC, formed by iStar Properties, Inc. The property, with 533,116 sq. ft. of GLA, went on the market in April.
“It was fantastic to see a local firm committed to excellent projects in Phoenix and surrounding communities prevail in this marketing process,” said CBRE executive VP Philip Voorhees. He described Westgate as a one-of-a-kind property combining internet-resistant income stability and growth from its entertainment, dining, retail, office, and residential components.
Opened in the Phoenix suburb of Glendale in 2006, the Westgate features more than 40 retailers and restaurants, including a 20-screen AMC Theatre, Dave & Busters, and Yard House.
New tenant construction chief joins NRDC
The man who directed construction for the first retail tenants at Westfield’s World Trade Center mall has joined National Realty & Development Corp. in a similar role.
Alex Thompson takes over as VP of tenant construction for NRDC subsidiary Regional Construction Corp., which offers preconstruction consulting, design and building services, and project and construction management services.
Thompson arrives at NRDC from The Howard Hughes Corporation’s New York office, where he was responsible for the management of East Coast development and operating assets. He directly managed the tenant coordination of the South Street Seaport project in NYC.
In his new position, Thompson is responsible for all tenant improvements, building alterations, and new pad building development for the company’s portfolio of 78 projects across 14 states.
Montreal ponders world class mixed-use project
Royalmount, a 3.6-million-sq.-ft. mixed-use development being promoted as an era-defining addition to downtown Montreal, has gotten a boost with the arrival of a key partner.
L Catterton Real Estate (LCRE), an international private equity firm whose sponsorship partners include Moet-Hennessey-Louis Vuitton (LVMH) is partnering with locally based developer Carbonleo to bring the project to fruition. LCRE has a reputation for projects with high level s of architecture, design, and tenants.
The two partnered on a “Future Lab” calling upon real estate, retail, and design experts from around to world to envision what form Royalmount should take. Among ideas suggested were an Italian-influenced piazza with two levels of terraced restaurants and shops surrounding it; an outdoor theater that could mechanically be transformed into a 5,000-seat theater, and a restaurant row featuring gourmet cuisine.
“We’re looking to generate new ideas for human connectivity. We want to go outside our zone of comfort,” said Carbonleo chairman Andrew Lutfy in a videotaped at Future Lab. “This is an unbelievable opportunity for Montreal. We have a blank canvas.”
Lutfy got agreement from Debra Margles, president of Michael Kors Canada. “Royalmount has a phenomenal opportunity to make this city a very important destination,” she said.
LCRE partner and chief development officer David Gester expressed confidence that all the right brands would join the party in Montreal. “There’s eight major luxury brands in the world. As long as they’re all treated equitably, they’ll all come,” he said.
In the partnership announcement, LCRE managing partner Mathieu Le Bozec commented that “with its underlying vision, Royalmount will be one of the most innovative real estate projects in the world.”