GLENDALE, ARIZONA – Located within one of the largest entertainment and retail districts in Arizona, Westgate 95, a 7,539-square-foot retail center, sold for $1.5 million ($199 PSF).
Built in 2008, Westgate 95 is located steps away from Westgate Entertainment District, which offers a unique outdoor setting with many vibrant restaurants that include: Johnny Rockets, Buffalo Wild Wings, Saddle Ranch, Kabuki and Yard House, to name a few. Westgate delivers a fun and exciting entertainment destination that is anchored by Gila River Arena, home of NHL’s Arizona Coyotes, and University of Phoenix Stadium, home of the NFL’s Arizona Cardinals.
Jared Williams, Ari Spiro, and Sean Stutzman of ORION Investment Real Estate facilitated the sale.
"Westgate 95 is an outparcel to one of the largest entertainment districts in Arizona, making it a highly desirable area for investors. The property is perfectly situated between Tanger Outlets and the heart of Westgate District, giving this prime location heavy foot traffic, along with great street visibility. Investors were not only attracted to the surrounding entertainment and shopping, but also the re-development potential in order to maximize the value," noted Williams.
The Seller, represented by ORION, was Arizona-based LCI Westgate LLC. The Buyer was Avondale 101 Store 3 LLC, also Arizona-based, was represented by Frontera Development LLC.
Westgate 95 was 100% occupied by three tenants at close of escrow.