Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.
Issue link: https://westernrealestatebusiness.epubxp.com/i/873170
C A L I F O R N I A & H A WA I I 28 • September 2017 • Western Real Estate Business www.REBusinessOnline.com S O U T H W E S T HARBERT MANAGEMENT ACQUIRES OWNERSHIP STAKE IN 628,000 SF MIXED-USE DEVELOPMENT IN PHOENIX PHOENIX — Harbert Management Corp. has acquired an ownership stake in High Street, a 628,000-square- foot mixed-use development located in Phoenix. Although the sale price was not disclosed, the buyer received a $93.5 million acquisition loan to fund the transaction. The property occupies 24.9 acres at 5100-5450 E. High Street along Loop 101 in northeast Phoenix, and features 88 multifamily units; 174,705 square feet of retail, dining and entertain- ment; and 330,369 square feet of office space. Tenants at the 83.7 percent leased center include Sprouts, Kona Grill, La Bocca, Pinspiration, Mellow Mush- room, Blue Martini, Ocean Prime and Modern Margarita. City North Associates LLC, a joint venture between ScanlanKemperBard Cos. and a private investment fund managed by Wayzata Investment Partners LLC, previously owned the property. Harbert Management has re- placed Wayzata Investment Partners, now owning the property in partner- ship with ScanlanKemperBard. Ryan Gallagher, CJ Osbrink, Ryan Fitzpatrick and Clark Cashion of HFF worked on behalf of the original joint venture owner to procure the buyer in the transaction. Jeremy Womack and Tom Wilson of HFF worked on behalf of the new ownership to secure the acquisition loan through TPG RE Fi- nance TruStreet ScanlanKemperBard Companies is a real estate merchant banking firm that acquires, develops and manages value-add and opportunistic office, retail, industrial and mixed-use prop- erties in the Western United States. Harbert Management Corporation (HMC) is a privately owned alter- native asset management firm with about $5.1 billion in regulatory assets under management across 10 asset classes. VERITAS APARTMENTS IN LAS VEGAS CHANGES HANDS LAS VEGAS — The 430-unit Veritas Apartments in the Las Vegas submar- ket of Henderson has sold to Farnam Realty for an undisclosed sum. The Class A community is located at 3370 Street Rose Parkway. Veritas Apartments was built in 2010. It offers one- to three-bedroom units. The building features four swimming pools, a covered patio with an outdoor kitchen, barbecue grills, a fitness center with a yoga room, and a clubhouse with gaming room and cyber café. JLL's John Cunningham and Charles Steele executed the sale. The seller was Monogram Residential TruStreet SAN PAULO IN PHOENIX SELLS FOR $32.5 MILLION PHOENIX — The 208-unit San Paulo apartment complex in Phoenix has sold to Rivendell Global Real Estate for $32.5 million. The complex is lo- cated at 14625 South Mountain Park- way. It was built in 1996. Community features include a swimming pool, 24- hour fitness center and resident club- house. CBRE's Sean Cunningham, Ty- ler Anderson, Asher Gunter and Matt Pesch represented the seller, Private- Portfolio Group, in this transaction. NEVADA CHILDHOOD CANCER FOUNDATION, THE CARING PLACE OPEN IN LAS VEGAS LAS VEGAS — DC Building Group has completed construction on the new Nevada Childhood Cancer Foun- dation and the Caring Place, which assists thousands of Southern Ne- vada residents every year. The 15,578 square-foot facility is located at 3711 E. Sunset Road. The facility will be referred to as the "Britney Spears Campus" due to her generous fundraising efforts of more than $1 million. The new structure combines more than 45 pediatric and adult services that were previously housed in two locations. The facility broke ground on April 17 and opened its doors July 17. A grand opening celebration is sched- uled for this October. The Nevada Childhood Cancer Foundation is to provide social, edu- cational, financial and psychologi- cal support services and programs to families of all children diagnosed with life threatening or critical illnesses. Penta Building Group acted as sub- contractor, while Almany Architec- ture designed the space. POPULATION GROWTH INCOME EDUCATIONAL ATTAINMENT (Head of Household) TOTAL RETAIL LEAKAGE: $415.2 (in millions) AGE DISTRIBUTION GROW YOUR BUSINESS IN MARICOPA High School Graduate or higher 89% Bachelor's degree or higher 46% Master's degree or higher 20% City of Maricopa | 39700 W. Civic Center Plaza, Maricopa, AZ 85138 economicdevelopment@maricopa-az.gov | maricopamatters.com 1 2 3 4 5 Food & Drink ........................................$40.2 Clothing & Accessories ..................$23.8 Motor Vehicles & Part Dealers ..........................................$141.6 Furniture & Home Furnishings ............................$18.2 General Merchandise .....................$34.9 1,040 5,088 26,661 43,482 49,271 2000 2003 2006 2010 2016 Median Household Mean Household Per Capita $67,562 $78,160 $25,711 Age Number Under 15 13,800 15-25 5,551 25-44 15,844 45-64 9,778 65-85 4,112 86 and up 168 Data Source: 2016 ESRI Community Profile Data Source: 2016 ESRI Community Profile Data Source: 2016 ESRI Community Profile Data Source: 2013 City of Maricopa Labor Market Study, Elliot D. Pollack & Co. Data Source: 2016 ESRI Retail Marketplace Profile High Street is a 628,000-square-foot mixed-use development located in Phoenix.