By Catherine Reagor| October 07th, 2019
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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.

WEALTHIEST ARIZONANS: These are the richest people in Arizona, according to Forbes 400

More tenants to Norterra

YAM said it will add several new tenants at its new Norterra project, including:

  • Sephora.
  • State 48 Brewery.
  • Luv 2 Play.
  •  Morning Ritual.

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.

Reach the reporter at [email protected] or 602-444-8040. Follow her on Twitter @Catherinereagor.

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