By Molly Cerreta Smith
Bob Parsons, Arizona billionaire businessman and GoDaddy founder, has recently added The Shops at Norterra to his ever-expanding portfolio of commercial real estate via his company YAM Properties. Parsons purchased the shopping, dining and entertainment district located at the I-17 and Happy Valley Road for $108 million…in cash. However, he was just named one of the top five richest businesspeople in Arizona by Forbes 400, so that’s probably chump change to Parsons.
Prior to YAM Properties’ recent acquisition, The Shops at Norterra was previously a joint venture partnership between USAA Real Estate Company and RED Development, which last year completed a multi-million dollar renovation of the center and welcomed new tenants upon completion. Initially the site was home to two retail buildings and the renovation included plans to increase the entertainment and dining options. The mixed-use destination was redesigned to give the community a more welcoming communal and social area for eating, drinking and entertainment — and it quickly became a popular hangout and shopping destination for the neighborhood.
In addition to offering major tenants such as anchors Dick’s Sporting Goods, Best Buy and Harkins Theatres, other popular tenants include Victoria’s Secret, Mellow Mushroom, Sauce Pizza & Wine, Pita Jungle, P.F. Chang’s China Bistro, Texas Roadhouse, V’s Barbershop, Elevate Coffee, BevMo!, Anytime Fitness and Cyclebar Premium Indoor Cycling, Beauty District Salon Suites, Braidy Jewelers and the Shasta Pools Showroom.
Not only does The Shops at Norterra boast a wide selection of the most in-demand restaurants, retail and services spread across the 350,000 square foot center, but it’s also conveniently situated between the I-17 and Loop 101 (two of the busiest highways in the entire state) and is within five miles of Deer Valley Airport. The current community within a 10-mile radius boasts close to 700,000 residents — and that number is expected to grow to by 50,000 in just the next five years.
“As a thriving, multiuse retail center in a rapidly expanding part of town, The Shops at Norterra is a great fit for YAM Properties,” Dan Dahl, the company’s director of real estate said in a statement regarding YAM Properties’ recent acquisition. He added, “We look forward to bringing new tenants and events into Norterra and serving the growing North Phoenix community.”
Currently housing more than 50 retailers, restaurants and service tenants, the Shops at Norterra will experience additional growth under the umbrella of YAM Properties. The company is set to add a number of new tenants to the center within the next 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.
Sephora brings the north Phoenix area a mecca of high-end cosmetics, skincare, hair care and beauty products to primp and pamper from head to toe with product lines including Marc Jacobs, Tarte, La Mer, Too Faced, Benefit, Fenty by Rihanna, Yves Saint Laurent and more.
All American Outdoor Furniture just opened its doors in the center last month. The company has been a staple in Glendale for more than 30 years and The Shops at Norterra is the company’s second location. Featuring some of the most well-known brand name products in the industry such as Castelle, Frankford Umbrella and Kingsley Bate, All American Outdoor Furniture has plans to offer a multitude of new products.
With only one other location in the valley in Surprise, Luv 2 Play is set to open its second location at The Shops at Norterra in the coming months. A paradise for children, Luv 2 Play features an indoor playground, dedicated toddler and baby play areas, a soft climbing wall, redemption games, building area with LEGO tables, and pretend play area (featuring a grocery store, theatre, beauty parlor and doctor’s office). The concept also features a private room for party, café and eating area for kids as well as an inviting relax area for the parents with free Wifi and a café with coffee, wine and beer options.
State 48 Brewery has been taking the valley by storm and north Phoenix is its next target. The brewery at the Shops at Norterra will serve as the company’s fifth location. State 48’s scratch kitchen makes a variety of comfort food classics with a twist that are designed to complement their craft beers. Osteria Mia Italian Restaurant joins the mix as well. Owned and operated by Mario and Kayla Rana, who helped their family open the four existing State 48 Breweries, Osteria Mia will feature a mix of classic Italian dishes that incorporate local flavor and modern dishes using ingredients typically found in traditional Italian cuisine. Guests can enjoy small plates, build-your-own charcuterie and bruschetta boards, and a rotating menu of handmade pasta, as well as vegetarian, vegan and gluten-free options.
For a sweet treat after a great meal, Crumbl Cookies is sure to please everyone’s sweet tooth. With several locations around the valley, this location will be the first to serve this market. The Crumbl concept offers a menu of cookie offerings that rotate on a weekly basis with inspired flavors such as Reese’s Pieces, Nutella Sea Salt, Chocolate Caramel, and Cinnamon Swirl as well as traditional favorites like Milk Chocolate Chip and Chilled Sugar (complete with classic pink frosting). The company has a delivery service that brings warm freshly baked cookies right to your door and also offers shipping.
Also coming soon to The Shops at Norterra, Morning Ritual features a relaxed brunch-all-day vibe that offers handcrafted brunch cocktails and signature mimosas, benedicts, omelets, pancakes and more. For some ethnic delights, Tikka Shack offers Indian cuisine in a friendly, casual atmosphere with a menu featuring traditional slow-crafted Indian dishes and simplified pairings, as well as build-your-own options.
Koi Poke is also on-trend with the build-your-own concept — bringing the spirit of aloha to the beloved poke bowl concept. Diners can build a customized meal featuring choices of protein (such as tuna, salmon, shrimp, octopus, lobster and even tofu and chicken); a base (white or brown rice or spring mix); toppings like cilantro, cucumber, shaved Brussel sprouts and ginger; sauce such as sweet chili lime or house sriracha aioli; and garnish like crispy onion and garlic, avocado and furikake.
In a relatively short time since it launched in 2012, YAM Properties has been scooping up properties around the valley — acquiring and operating more than 2.5 million square feet of office and retail space around Tempe, Scottsdale, Mesa, Phoenix and Glendale with tenants such as movie theatres, restaurants, salons and services, entertainment and more. The real estate investment and development arm of YAM Worldwide, Inc., YAM Properties’ portfolio also includes the recent acquisition of Westgate Entertainment District as well as 101 & Scottsdale, Agua Caliente, Centerpoint on Mill, Citadelle Plaza, Cornerstone, Hayden Station, Il Palazzo at Arrowhead Ranch, McDowell Mountain Marketplace, Scottsdale Grayhawk Center, Shoppes at Legacy House, Sonora Village, Village at Shea, Village Center and YAM Circle. The latter is the company’s segue from redevelopment and management to ground-up construction and leasing efforts. YAM Circle is a 17,800-square-foot shopping and dining complex in North Scottsdale.
When it comes to shopping, dining, entertainment and services, the beautiful open-air Shops at Norterra encompasses it all for community residents, and there is something for all ages.
For more information about YAM Properties, visit www.yamproperties.com.