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SKB and Affiliate of Harbert Management Corporation Acquire Class A, Mixed-use Project, High Street in Phoenix

July 28, 2017

(Portland, Ore.) ScanlanKemperBard (SKB) in a joint venture with Harbert Management Corporation (Harbert) announced it has closed on High Street, a 628,000-square-foot, high profile mixed-use property comprised of 99 condo-quality residential units, 174,705 SF of upscale retail dining and entertainment options, 330,369 SF of office space and 4.9 acres of vacant land.

SKB, a Portland-based real estate merchant bank, originally acquired the property in 2013 as part of a joint venture between SKB, its investors and its capital partner, a private investment fund managed by Wayzata Investment Partners LLC (Wayzata). High Street is located off the Highway 101 loop in the Desert Ridge submarket of Phoenix, AZ. Since 2013, current ownership has more than doubled office occupancy from 41% to 91%, and doubled retail occupancy from 36% to 72%. The multi-family component has continued at around 95% occupied. A second parking structure has also been added, increasing the number of parking spaces on site to 2,114.

“We are extremely proud of our relationship with Wayzata and our accomplishments over the last four years,” said SKB President, Todd Gooding. “We are equally excited about continuing our business plan with our new capital partners at Harbert Management Corporation.”

The project, developed by Related Companies, was completed in November 2008 and 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 annual household income exceeds $100,000. Key tenants include Sprouts Farmers Market’s corporate headquarters, Alliance Financial Resources, Kona Grill, La Bocca, Pinspiration, Mellow Mushroom, Ocean Prime, Blue Martini and Modern Margarita.

SKB and Harbert’s business plan includes increasing retail occupancy by targeting dining and entertainment tenants, along with roll-to-market rents for in-place office tenants as leases expire. They will also continue to explore the feasibility of converting the multi-family units to for-sale condominiums and the potential sale or development of the vacant land.

According to SKB General Manager, Charles Ferguson, “With the economic activity in the north Scottsdale/Phoenix market place, we feel we have the best combination of lifestyle amenities, location and functional space to meet the future demands of office, residential and retail users alike. Finally, we look forward to finding a complementary user for our 4.9 acres of excess land.”

About SKB SKB is an established real estate merchant banking firm based in Portland, Oregon. Since its inception in 1993, SKB has originated total portfolio activity of $4.12 billion, comprised of 28.1 million square feet of office, industrial and retail space and 2,154 residential units across the Western United States. With longstanding relationships in each of its markets, SKB has the ability to source, structure and execute value creation across a wide spectrum of real estate opportunities.

About Harbert Harbert is a privately owned alternative asset management firm with approximately $5.1 billion in Regulatory Assets Under Management across 10 discrete asset classes. Harbert’s investment strategies include European and U.S. real estate, senior housing, European and U.S. growth capital, mezzanine debt, independent power, U.S. private equity and public securities. Harbert’s U.S. real estate strategy has offices in San Francisco, CA, Birmingham, AL, and Dallas, TX. The group has extensive experience in the West, Southeast, Southwest, and Mid-Atlantic and is currently investing its sixth value-add fund in the past 15 years. Additional information about Harbert can be found at