Press releases for highland development company

Highland Development Sells New Carl’s Jr. and AutoZone for $3.46 Million, 5.34% Cap Rate (2008-01-16)
Highland Development Company sold two newly built, single-tenant leased buildings currently occupied by Carl’s Jr. and soon to be occupied by AutoZone at its new 84,500-square-foot mixed-use retail/office project located at the southwest corner of Panama Lane and Wible Road in Bakersfield, Calif. The purchase price for both assets was approximately $3.46 million, representing a 5.34% cap rate.

Highland Development Redevelops 75% Vacant 375,000 SF Mixed-use Peripheral Properties in Phoenix, AZ (2007-12-17)
Highland Development Company is 80 percent complete redeveloping 375,000 square feet of mixed-use peripheral properties located along the ring road of Macerich’s Metrocenter Mall, a 1.3 million-square-foot regional mall in Phoenix, Arizona. Highland purchased the 28 acres in July 2005 for over $32 million from Skanlan Kemper Bard Co. of Portland, Oregon as a value-add opportunity. At the time of the acquisition, the 35-year-old Metrocenter properties were more than 75 percent vacant and included Four Points Sheraton Phoenix Metrocenter Hotel, Shoe Pavilion, Cholo Branch Library, Red Lobster, and various shop and pad users. Highland Development has invested nearly $4 million in improvements, and to date has sold 11 of the 16 retail buildings to investors and users including two buildings to Sun Life Assurance Company of Canada for $7.75 million.

Highland Development Plans $35 Million New Specialty Market & Drug Store Anchored Shopping Center in Visalia, Calif. (2007-12-03)
Highland Development Company has plans to develop a new $35 million upscale neighborhood shopping center located in Visalia (Tulare County), Calif. The new ground-up development will include a specialty market, drug store, sit-down restaurant, various quick-serve restaurants, cafes, retail shops and bank. The 14.3-acre project is bounded by Caldwell and Kimball avenues and West and Court streets and will include more than 82,000 square feet of retail and restaurant space. Highland Development hopes to announce the company names of the specialty market and drug store in the next 30 days.

Highland Development Adds Two Seasoned Managers to Expand its Opportunities in the Western U.S. (2007-05-02)
Highland Development Company, a subsidiary of The Marcus & Millichap Company and a dynamic retail and retail-driven mixed-use development company, announced that the firm has hired Armando Enriquez as Acquisitions Manager and Vladimir Shlafman as Development Manager to expand acquisition and development opportunities throughout California, Arizona, Nevada and Utah. Enriquez will be located in the company’s headquarters in Pasadena. Shlafman will be located in the company’s new San Ramon office. Highland Development plans to spend $150 to $200 million on development projects in the next two years.