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Highland Development's $30M Loan Sets Up Value-Add Retail Plan

PHOENIX-A wholly-owned subsidiary of Marcus & Millichap jumps at the chance to buy, lease and divvy up 28 acres with 121,801 sf of retail space and another 836,000 sf of ground-leased space beside the Metrocenter regional mall.

By Amy Wolff Sorter | Updated on October 06, 2005

PHOENIX-Highland Development Co., the San Mateo, CA-based wholly owned subsidiary of Marcus & Millichap Real Estate Investment Brokerage Co., has bought 28 acres of partially developed retail land surrounding the Metrocenter regional mall. The deal closed with a short-term loan for $30 million.

Chicago-based Wrightwood Capital cleared a two-year loan with a pair of six-month extension options. The floating rate loan is based on the 30-day Libor. Charles Garcia with the San Francisco-based Newmark Realty Capital Inc.’s Irvine, CA office arranged the financing to buy, lease and subdivide the property, which was bought from Scanlan Kemper Bard Cos. of Portland, OR.

A broad mix of regional and national tenants, including restaurants and a hotel, sits on the land. In all, Highland bought 121,803 sf of retail space and 836,000 sf on ground-leased land.

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