Phoenix's High Street sells for more than $93M

Catherine Reagor

By Catherine Reagor | August 01st, 2017

Phoenix’s High Street development, a high-end retail, office and apartment development near Desert Ridge, has a new owner.

An Alabama firm has invested at least $93.4 million into the 628,000-square-foot project that was foreclosed on during the housing crash.

High Street, home to Sprout Farmers Market corporate offices and the eateries Kona Grill, La Bocca, Mellow Mushroom, Blue Martini and Ocean Prime, was called CityNorth until a few years ago.

Wayzata Investment Partners LLC and ScanlanKemperBard paid almost $67 million for the two-block development in 2013 and renamed it.

PREVIOUSLY: Phoenix's High Street adds more than a dozen tenants

Last week, Harbert Management Corp. secured a $93.4 loan for the mixed-use center, according to real-estate firm Holliday Fenoglio Fowler, which negotiated the sale and loan.

The loan amount doesn’t include cash Harbert put into the private deal to make it a partner with Wayzata.

None of the firms involved responded to requests for information on the overall price.

High Street, near Loop 101 and Tatum Blvd., was completed in 2008 as the housing market and economy fell. It was tangled in lawsuits, including a fight over city of Phoenix subsidies, and then was foreclosed on in 2010 as several retailers closed and condo sales failed.

The development with apartments instead of condos is now almost 84 percent full.

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