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.
