Shopping Center Near Arizona Cardinals, Phoenix Coyotes Faces For
Just glancing at foreclosure listings from Phoenix, Glendale, and other metropolitan areas in the state is evidence enough of how widespread the effects have been in the Grand Canyon State. Now another high-profile piece of real estate is facing foreclosure in Glendale.
The city, home of the Arizona Cardinals and Phoenix Coyotes, is also the home of the Westgate City Center, a flashy, high-end, and huge shopping complex that is co-located with the homes of the Cardinals and the Coyotes. Now, it is apparent that the Westgate City Center, a multi-million dollar chunk of commercial real estate, is facing foreclosure itself.
The city center opened in 2006 and has been a hot spot in the city since then. Now, the current developer, Steve Ellman, says he is negotiating with lenders to stave off foreclosure and keep the premises open for business – and presumably under his ownership.
What may happen instead, though, is that investors will swoop in and pick up the complex at auction, or, barring that, the lender will assume control.
It is unlikely that a property that size and worth that much will remain with the lender for long, though. It is more likely that a group of investors will take the property off of the lenders’ hands sooner rather than later.
Regardless, the potential foreclosure of the Westgate City Center is a powerful sign that no one really is immune from the foreclosure crisis. Plus, great opportunities for investing in the foreclosure market still exist – especially out west, in places like Glendale, Arizona.