Glendale Westgate City Center now owned mostly by lenders

Westgate City Center is now almost completely owned by its lenders. An auction Thursday wrested control of the last major part of the complex from developer Steve Ellman, after foreclosure proceedings split the property in two this summer. WHAT HAPPENED THIS WEEK Lender Credit Suisse received no offers for the second parcel, after setting an opening bid of $25 million, said trustee Scott Klundt of Phoenix-based Quarles & Brady LLP. The 95 acres of open land and parking lots near Glendale Avenue and Loop 101 was planned for future Westgate development. WHAT HAPPENED THIS FALL The core of Westgate - 33 acres of shops, restaurants, fountains and an AMC movie theater - was taken back by lender iStar Financial in September. That auction also received no bids for the opening price of $40 million. WHAT HAPPENED BEFORE The outdoor plaza, where thousands of sports fans party before Arizona Cardinals and Phoenix Coyotes games, opened in 2006 after financing and construction delays. Though the center also attracts crowds during weekends, biker nights and massive New Year's Eve celebrations, it has struggled during the down economy and Coyotes ownership problems.

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