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Glendale’s Westgate development goes on sale for $142M

(Westgate Entertainment District Photo)

PHOENIX — Glendale’s Westgate Entertainment District has been put up for sale, listed at $142 million, it was announced.

The mixed-use development covers nearly 47 acres in the West Valley near Loop 101 and Glendale Avenue.

“Westgate offers investors a tremendous opportunity to acquire one of Arizona’s most significant retail assets,” Jesse Goldsmith, of commercial real estate company CBRE, said in a press release late last week.

The company has been put in charge of selling the property, where loft-style, multifamily homes were recently unveiled.

The biggest tenant has been the city-owned Gila River Arena, home ice for the NHL’s Arizona Coyotes. The team has been locked in a dispute with the city, but planned to continue playing in Glendale through the 2018-19 season.

Westgate has benefited from crowds at the neighboring sports venue — University of Phoenix Stadium, home of the NFL’s Arizona Cardinals — and concerts and other events held there.

The football stadium has also hosted hosted the 2015 Super Bowl, college football’s 2016 playoffs and college basketball’s Final Four in 2017.

“The arenas have been doing a really good job this season booking out concerts,” Scott McIntire, general manager at McFadden’s at Westgate, told KTAR News 92.3 FM last year.

“As long as they keep booking some events at the arenas … keep some of the concerts to supplement our nonfootball and event season, it’s huge.”

The center opened in 2006.