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New Ownership Likely to Help CityNorth

PHOENIX-Brokers from Colliers International tell GlobeSt.com that the 630,000-square-foot, mixed-use CityCenter of CityNorth will benefit from the private equity owners that recently acquired it.

By Amy Wolff Sorter | Updated on April 19, 2013

PHOENIX-The best way to describe the 630,000-square-foot CityCenter of CityNorth might be “roller-coaster ride.” Launched in 2006 by Chicago-based Klutznick Co. and partners as “a true mixed-use project with retail, restaurants, office above retail and residential above retail,” according to John Klutznik in 2006, the project fell into disarray when the Great Recession and its aftermath. Then came years of foreclosures and lawsuits.

But CityCenter at CityNorth could be back on track, thanks to new ownership. Scanlan Kemper Bard Cos. and equity partner Wayzata Investment Partners acquired the asset at 5310-5455 High St. along Loop 101 for $67 million.  The owners, operating under the name City North Associates LLC, plans to invest about $7 million into the asset, which includes 99 condominium units, approximately 175,000 square feet of retail space and 330,000 square feet of office space. Also part of the deal, which was negotiated by HFF and Lee & Associates, was five acres of undeveloped land and a six-level parking garage.

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