New Owners

By Emma Richburg

The Shops at Norterra acquired by Bob Parsons, GoDaddy founder

T

he flourishing The Shops at Norterra is under new ownership, as the Bob Parsons-owned YAM Properties brought the center into its fold for $108 million in October.

“It’s a very well-maintained, thriving center and is a good fit for our portfolio,” says Dan Dahl, Yam Properties’ director of real estate.

“We’re just excited to bring good tenants and a good mix of shopping and restaurants and dining to that area.”

The Shops at Norterra have more than 50 options for dining, shopping and personal and professional services. At 350,000 square feet, the center is anchored by Harkins Norterra 14 Theatre, Best Buy and Dick’s Sporting Goods. A slew of new tenants is slated to move in during the next three to six months, including Sephora, All American Patio Furniture, Luv 2 Play, State 48 Brewery, Osteria Mia Italian Restaurant, Crumbl Cookies, Morning Ritual, Tikka Shack and Koi Poke.

YAM Properties is hoping to attract a diverse demographic of guests at the Shops at Norterra with the new additions.

“We were excited to be able to have the opportunity to acquire it,” Dahl says. “We plan to continue to provide more entertainment, shopping and dining options, so we just think it will continue to be a long-standing location for people who live in the area to come and visit.”

Dahl says YAM Properties—which purchased Westgate Entertainment District in the summer of 2018—had been looking at the area for a long time and the negotiation happened quickly, within the last two or three months. 

Parsons is a well-known entrepreneur and philanthropist from Baltimore. He enlisted in the Marine Corps after high school and was awarded with multiple achievement medals. After his time in the Marine Corps, Parsons attended the University of Baltimore to earn a degree in accounting.

Upon graduation, Parsons became a certified public accountant and eventually launched an accounting program called Parsons Technology, which later sold for
$64 million.

In 1997, Parsons founded the web-hosting company GoDaddy, which became a large platform for independent ventures. He stepped down as CEO in 2014 but is still the company’s largest stockholder.

Parsons’ companies now include The Bob & Renee Parsons Foundation, Parsons Xtreme Golf, Sneaky Big, Big Yam, Harley-Davidson of Scottsdale, Scottsdale National Golf Club, GO AZ Motorcycles, YAM Properties, YAMCapital and Spooky Fast.

© 2018 85085 Magazine. A Division of Strickbine Publishing Inc.

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