Holliday Fenoglio Fowler, L.P. (HFF) announced today that 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.
The HFF investment sales team was led by senior managing director Ryan Gallagher, managing director CJ Osbrink, senior director Ryan Fitzpatrick and real estate analyst Clark Cashion.
HFF’s debt placement team representing the borrower was led by senior managing directors Jeremy Womack and Tom Wilson.