Westgate Entertainment District has a new owner.
Bob Parsons, the founder of GoDaddy and owner of YAM Properties, a commercial real estate company in Phoenix, bought the 76-acre property for $133 million, his company announced on Tuesday.
The previous owner, iStar, put the property up for sale in April. The initial asking price was $142 million.
“The potential at Westgate is huge,” said Bob Parsons in a written statement. “Westgate currently offers visitors a wide variety of entertainment options, but we’re looking to develop features that will entice even more visitors and residents to this unique and vibrant Valley location.”
The entertainment complex is located near the Loop 101 and Glendale Avenue and is home to several restaurants and bars like Dave & Buster's, Tavern + Bowl, an AMC Theatre, and offices and hotels.
The deal also includes 30-acres of undeveloped property. Parsons said future development possibly includes a boutique hotel, multi-family homes, office space and more entertainment projects, according to the news release.
Gila River Arena is next door to Westgate and University of Phoenix Stadium is not far away.