David Kadlubowski, Az Republic
"The lender iStar Financial took back the property from the developer, the Ellman Cos., after setting a minimum bid of $40 million and receiving no offers."
Part of Glendale Westgate City Center repossessed by lender: "Westgate City Center, the Glendale entertainment complex that serves as a pre-game party destination, is now partially lender-owned after a foreclosure auction Monday.
Westgate City Center, a retail-and-entertainment center with opulent fountains and flashy billboards, opened in Glendale in 2006.
The property, near Loop 101 and Glendale Avenue, encompasses Westgate's main buildings that hold restaurants, shops and an AMC movie theater next to the Phoenix Coyotes hockey arena and near the Arizona Cardinals football stadium.
Surrounding land that Ellman Cos. planned to develop is scheduled for auction Nov. 3 by lender Credit Suisse.
Check back for updates.
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