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| Photo by Patrick Teng High Street Mixed Use Project, Phoenix, AZ |
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| Ryan Gallagher |
PHOENIX, AZ –– Holliday
Fenoglio Fowler, L.P. (HFF) announced the sale of High Street, a 628,000-square-foot, high-profile mixed-use project
containing 99 multi-housing units; 174,705 square feet of retail, dining and
entertainment options and 330,369 square feet of office space in Phoenix,
Arizona, has closed.
HFF marketed the property
on behalf of the seller, City North Associates, LLC, which is a joint venture
between a private investment fund managed by Wayzata Investment Partners LLC
and ScanlanKemperBard Companies, and procured the buyer, Harbert Management
Corporation, which now owns the property in a joint venture with
ScanlanKemperBard Companies.
Additionally, HFF worked on behalf of the new
joint venture to secure an acquisition loan through TPG RE Finance Trust.
High Street comprises
24.91 acres located at 5100-5450 East High Street along Loop 101 in northeast
Phoenix. More than 160,000 residents
live within a five-mile radius of the project, and the average household income
is more than $95,000.
Completed in 2008, High Street features three-
and four-story office and multi-family buildings with ground floor retail plus
two parking garages with more than 1,500 spaces total. Overall occupancy is at 83.7 percent, and
major tenants include Sprouts, Kona Grill, La Bocca, Pinspiration, Mellow
Mushroom, Blue Martini, Ocean Prime and Modern Margarita.
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| CJ Osbrink |
HFF’s debt placement team
representing the borrower was led by senior managing directors Jeremy Womack and Tom Wilson.
For
more information on this news release, please contact:
Kristen M. Murphy
Director, Public Relations
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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