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Private equity firm buys High Street development in Phoenix

By Mike Sunnucks
Phoenix Business Journal

An Alabama private equity firm has bought the High Street development in north Phoenix.

That’s the former CityNorth development next to Desert Ridge Marketplace. It has shops, restaurants, offices and a residential component.

Harbart Management Corp. has paid $129.5 million for High Street.

The sellers were ScanlanKemperBard Cos and Wayzata Investment Partners LLC.

The former is based in Portland, the latter in Minnesota.

They bought CityNorth in 2013 for $67 million, according to BREW. The development went through a foreclosure in 2010 under its original ownership and developers.

They renamed it High Street after the 2013 purchase.