"High Street has seen the significant growth in many of the Southeast markets and we particularly attracted to markets with high barriers to entry and strong demographic growth characteristics," explains Dan Coughlin, principal at High Street. "These characteristics are evident in a number of Southeast markets."
High Street will lead its Southeast push from a regional office at 2300 Glades Rd. in Boca Raton and the firm has tapped Iker Gorricho as senior vice president to head the office. He comes to the firm from Miami-based Apollo Realty Advisors/Adler Group where he was vice president of real estate for the past decade.
Over the past six months, High Street has closed on two investments, totaling $50 million. The deals involved a 410,000-sf warehouse in Tampa and a 1.05-million-sf warehouse in Atlanta. Coughlin adds that the real estate investment firm has $105 million under contract in Norfolk, VA and Atlanta scheduled to close by June 30. "In addition, we are in active negotiations for an additional $55 million of product in major Florida markets," he says.
In addition to the Southeast, High Street is focused on the eastern US distribution, office and multifamily markets, Coughlin explains. The new Boca Raton office marks the firm's third location, with one in Boston and the other in Philadelphia. "We believe that real estate is a local business and the best execution of our portfolio and asset management plans is completed by colleagues and contractors located in close physical proximity to the asset," he adds.
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