Arizona billionaire Bob Parsons has added the Shops at Norterra in northwest Phoenix to his growing real estate portfolio.
The GoDaddy founder’s company YAM Properties paid $108 million in cash for the open-air shopping and restaurant development at Interstate17 and Happy Valley Road, according to public real estate records filed Friday.
Parson's also acquired the 76-acre Westgate Entertainment District, near Glendale's sports district, in June 2018. YAM paid $133 million for Westgate.
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YAM said it will add several new tenants at its new Norterra project, including:
The development already has more than 50 retailers, restaurants and personal service businesses.
“As a thriving, multi-use retail center in a rapidly expanding part of town, The Shops at Norterra is a great fit for YAM Properties,” said Dan Dahl, director of real estate for YAM Properties in a statement. “We look forward to bringing new tenants and events into Norterra.”
RED Development sold the Shops, which it paid $78 million for in 2017.
Since 2012, YAM has acquired more than 2.5 million square feet of retail and office space, mostly in metro Phoenix.
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