A UNI QUE O PPOR TUNIT Y
IN A DYNAMI C LO CAT ION
A PR EMIE R R ES TAUR A NT AND RE TAIL D IS T RIC T
E XECUTIVE S UM M A R Y
Exceptional 628,000-square-foot mixed-use development advantageously
located in the heart of Desert Ridge–Arizona’s largest master-planned community
• Strategically located within minutes of top resort
hotels, downtown Phoenix, downtown Scottsdale
and the city’s most affluent residential areas
• The trade area includes nearly 541,801 households
with an average household income of $86,886
• Situated in the prosperous Northeast Valley of
Phoenix Loop 101, more than 172,000 cars pass
the site daily
• High Street is positioned at the intersection of two
major freeways, Phoenix Loop 101 and State Route
51, offering excellent visibility and accessibility
• Arizona’s largest resort, the 950-room JW
Marriott Desert Ridge Resort & Spa, is within
walking distance
LIV E
WOR K
• World-class architecture incorporates the finest
aspects of city living
• Popular Restaurant and Bar Collection features
esteemed local and national restaurateurs’ finest
dining concepts
• Annual events attract thousands of local and outof-state visitors
• Located in the sixth-largest metropolitan area in
the nation, with a population of over 1.4 million, and
growing
• Phoenix is one of the fastest growing cities in the
US, with an expected population growth of 2.7%
during 2013
PL AY
Dynamic mix of dining,
entertainment, retail, services,
Class-A office space and luxury
apartment homes make High Street
an exceptional place to live, work
and play.
DE M O GR A PHI C A L LY D E S IRAB LE
SO EAS Y TO G ET HER E. S O H ARD TO LE AV E .
High Street is centrally located in the affluent
Northeast Valley of Phoenix at Loop 101 and
56th Street, in the rapidly growing masterplanned community of Desert Ridge. The
demographics are compelling for those looking
to attract discerning, savvy clientele with
expendable income.
Access
• Easily accessed and exceptionally visible, more than 172,000 cars pass the site
daily and more than 2.4 million people live within 30 minutes or less
• Sited at the intersection of two major freeways
• The freeway interchange draws visitors from all four directions more quickly
and conveniently than any other site in the Northeast Valley
Desert Ridge
• Encompassing 5,700 acres, the community of Desert Ridge is one of the
fastest-growing and most demographically desirable communities in the
country
• Within Desert Ridge, there are 5,800 single family luxury homes and
condominiums with an additional 1,400 more under construction
• There is high-density, luxury residential directly across the street
• Desert Ridge Marketplace, a 1.2 million square-foot power and entertainment
center, is adjacent to High Street and draws more than 25 million visitors
annually
• Desert Ridge Marketplace focuses on big box and teen/family retail, leaving
High Street well positioned to attract customers looking for upscale dining,
entertainment and retail options
• The adjacent 950-room JW Marriott Desert Ridge Resort & Spa hosts some
1,000,000+ visitors a year, and is the largest hotel in Arizona, with more than
110,000 indoor/130,000 outdoor square feet of convention space, 36 holes of
championship golf, 8 tennis courts, and a 28,000 square-foot spa
• The JW Marriott Canyon Villas, a mere one mile from the property, has 252
time-share units
• The renowned Mayo Clinic operates a 268-bed hospital and medical center
complex one mile south of the property
Demographics
• Immediate trade area includes nearly 2.4 million people with an average
household income of approximately $89,565
• Within five miles of the property, average household income is $87,704, which
is well above the Phoenix MSA average of $70,179
A S O PHI S TI C ATED UR B AN E N V IRON ME N T
TO L I VE , WO R K A N D P L AY
High Street offers
the opportunity to
create an interactive
lifestyle with an
existing mix of retail,
restaurant, residential,
office, entertainment
and event uses.
Planned to incorporate
and encourage the
finest aspects of city
living: excitement,
authenticity,
public and private
spaces, varied
architectural styles
and a sense
of spontaneity,
High Street is a
24/7 environment,
appealing to each
of the most important
customer segments.
Retail, Restaurants & Nightlife
One of its most compelling components, High Street offers four city blocks
of stunning restaurant, entertainment and retail suites.
Join a handpicked selection of esteemed restaurateurs’ – featuring culinary
superstars such as Cameron Mitchell’s Ocean Prime, Valley favorites La Bocca
Wine Bar & Urban Kitchen and Scottsdale’s own Kona Grill, as well as the state’s
premier nightclubs Blue Martini and Modern Margarita – all of which offer the
finest cuisine presented by Arizona’s hottest chefs.
Enjoy nonstop comedy, hilarity and delicious drinks & dines at High
Street’s crown gem for entertainment, Rick Bronson’s House of Comedy.
The gorgeous venue allows audiences to wine and dine while enjoying the
absolute best in live, stand-up comedy.
Overall, the 175,000 square feet of ground-level space offers flexible floor
plans, stunning finishes and charming tree-lined street access for current and
future dining, entertainment and shopping favorites.
A S O PHI S TI C ATED UR B AN E N V IRON ME N T
TO L I VE , WO R K A N D P L AY
Residential
The Residences on High Street are contemporary
rentals of unmatched style and modern
convenience. Each home is elegantly crafted with
generous living spaces full of natural light, rich
customizable finishes and timeless urban design.
The 99 stylish, one-, two- and threebedroom units are fully leased and range from
approximately 750 square feet to more than
1,850 square feet. Each unit has access to a
private parking garage, exclusive saltwater pool
and modern entertainment area.
Office
The Offices on High Street are comprised of
330,000 square feet of Class A office space and
feature Fortune 500, tech, financial services,
insurance and law tenants ranging from 10,000 to
60,000 square feet.
Situated in seven three- and four-story buildings
above High Street’s modern streetscape, The
Offices provide workers, clients and visitors a
sophisticated neighborhood experience. The
Offices on High Street are home to a variety
of large and small companies including Cigna,
Inventure Foods Inc., GlobalTranz Enterprises,
Alliance Home Loans, Sprouts Farmer’s Market
Corporate Offices and Navitus Health Solutions.
Executives, employees and clients occupying the
Class A professional office buildings benefit from
the convenience of dining and entertainment
amenities inherent to the property.
THE NEIG HB O R HO O D
ADDITION A L A R EA I NF ORMAT ION
Scottsdale Airpark & Airport
Just minutes from High Street, the Scottsdale Airpark is a prominent
employment hub for Arizona and home to approximately 50,000 workers at
2,580 companies ranging from office and light industrial to hotel and retail.
Scottsdale Airpark, which includes office, industrial, retail, hotel and aircraft
hangers, currently employs 50,000 and is expected to grow by 30,000
additional workers over the next 20 years.
Located within the Airpark, Scottsdale Airport is one of the nation’s premier
and busiest single-runway, general aviation facilities in the United States,
recording approximately 170,000 takeoffs and landings each year. Just
recently, the Airport expanded its international service which will allow visitors
and business travelers from all over the world to fly directly to Scottsdale.
Major Sports Franchises
Phoenix is a sports-lovers paradise with every major sport represented in both
professional and amateur teams, with games or training accessible year-round.
• MLB Arizona Diamondbacks – Chase Field (Downtown Phoenix)
• NBA Phoenix Suns – US Airways Center (Downtown Phoenix)
• NFL Arizona Cardinals – University of Phoenix Stadium (Glendale)
• NHL Phoenix Coyotes – Jobing.com Arena (Glendale)
Major employers
North Phoenix is a hub for employment. Within five miles of the property
there are more than 96,000 daytime employees.
Nearby major employers include:
• Scottsdale Airpark – 50,000 workers at 2,580 companies
• Mayo Clinic – 5,200 employees (est.)
• American Express – 3,000 (est.)
• Desert Ridge Marketplace – 2,500 employees (est.)
• JW Marriott Desert Ridge – 1,200 employees
• Henkel North America HQ – 900 employees earning $90,000 per year
• Go Daddy Group Inc. – 2,500 employees
• Fairmont Princess Hotel – 900 employees
• Penske Luxury Auto Dealerships – 650 employees
• Allied Waste – 550 employees
• Scottsdale Healthcare – 540 employees
Arizona State University
With 72,254 students, Arizona State University (ASU) is the largest public
university in the United States. The research university has four campuses,
more than 300 majors and awarded more than 17,000 bachelors, masters,
doctoral and law degrees in 2011. Additionally, ASU’s popular football program
regularly draws a crowd of 72,000+ to Sun Devil Stadium in Downtown
Tempe. The Arizona State Sun Devils’ football program competes in NCAA
Division I FBS as a member of the Pacific-12 Conference.
THE NEIG HB O R HO O D
ADDITION A L A R EA I NF ORMAT ION
Significant Local Events
January is high season in Phoenix, but remarkable
weather and a plethora of world-class venues ensure
a fall calendar of premier events and festivals 365
days a year. Here are just some of the events and
attractions throughout the year.
Held at the JW Marriott Desert Ridge:
• LPGA
• Muhammad Ali’s ‘Celebrity Fight Night’
Fundraiser
Held within five miles of High Street:
• Phoenix Open
• Barrett-Jackson Collector Car Auction
• Russo and Steele Collector Automobile Auction
• Cactus League MLB Spring Training
Held within the High Street trade area:
• Fiesta Bowl
• P.F. Chang’s Rock n’ Roll Marathon
• Pat’s Run
• Insight.com Bowl
• BCS Championship Game (rotational)
• Scottsdale Culinary Festival
• Arizona Renaissance Festival
• Aloha Festival
• Ostrich Festival
• NASCAR - Phoenix International Raceway (2x
annually in spring and fall)
• Scottsdale Arabian Horse Show
• 2015 Super Bowl
Musical Instrument Museum
The 192,000 square foot, $250 million, Musical
Instrument Museum (MIM) opened in 2010.
The MIM houses a global collection of more than
14,000 instruments and artifacts, offering stateof-the-art audiovisual technology to bring them to
life. The museum is also home to a 299-seat music
theater where world-class concerts and global artists
hail from every corner of the world throughout the
year.
THE NEIG HB O R HO O D
ADDITION A L A R EA I NF ORMAT ION
Current Area Development
• The Toscana Vacation Resort Condos, just across the street, with a total
of 466 luxury residential units. Toscana has recently opened Phase 2 with
115 additional units, which includes the “Palazzo Vacanza” (~10,000 sq.
ft. State of the Art Amenities Center), large resort pool, spa and 2 tennis
courts.
• 714 unit multi-family apartment complex on the Northeast corner of
56th and Deer Valley.
• 794 single family homes on the Northwest corner of 64th Street and
Lone Mountain Road.
• 302 single family homes on the Northwest corner of 56th Street and
Dixileta Drive.
Future Development
• 147 units The Manor Village Life Center is proposed for with hopes of
commencing construction simultaneously with Phase II of The Toscana
Vacation Resort Suites.
• New Cancer Center at the nearby Mayo Clinic.
• Emerging Arizona Biomedical Corridor just a couple of miles away.
WHAT’ S N EX T
EXCITING N EW A D D I T IONS TO H IG H S T RE E T
HIGH STREET RISING
High Street has experienced a tremendous surge in activity and leasing tours
since SKB purchased the property in April 2013. With SKB’s competitive rates,
generous TI allowances and willingness to work with tenants, High Street is on a
clear path for success. Overall an additional 186,000 square feet has been signed,
and new tenant announcements continue each month. Current hospitality tenants
have experienced a 7-30 percent sales growth year-over-year. Recent highlights:
Toby Keith’s I Love This Bar NOW OPEN
The 14,336 square-foot, full-service bar features live country music, country
dancing as well as local, regional and national up-and-coming artists.
Sprouts Farmer’s Market NOW OPEN
Sprouts relocated their corporate office with approximately 330 team members to
High Street. They occupy approximately 77,400 square-feet of office and retail
space, which includes a Sprouts Express retail store.
DEALS SIGNED SINCE APRIL 2013
• La Bocca Wine Bar & Urban Kitchen • 42 Saint
• Primp & Blow
• Murphy Orthodontics
• Desert Ridge Prosthodontics
• Stealth Software
• Alliance Home Loans
• Watermark Wealth Strategies
• Hanover Wealth Strategies
• Barbershop Jack’s
• Rick Bronson’s – House of Comedy • Nobis Technology
• RG Capital
• Impact Global Resources
• New American Funding
• Tummy Company, Inc.
• Desert Ridge Pediatric Dentistry
• Mojo Yogurt
• Gigya, Inc. (social media)
• Yeager North
• M3V — The Nail Bar
• Tea2Go
• Arizona Vacation Rentals
• Pinspiration
• Altus
• WJ Bradley
• Navitus Health Solutions
• Firehouse Subs
EXPANSIONS AND RENOVATIONS
High Street has undergone a series of targeted renovations and enhancements
including new building and monument signage, improved lighting, landscaping and
more to maintain its impeccable building standards. Additionally, a second parking
garage was built to better serve guests on the east side of the property.
TOU R I S M’ S I M PAC T
A BIG PAR T O F THE H IG H S T RE E T S TORY
No other industry
produces the same
economic impact
for the Grand
Canyon State as its
tourism industry.
As a matter of fact,
High Street’s trade
area receives more
annual visitors than
the Grand Canyon.
High Street’s marketing program emphasizes relationships with the AZ Office
of Tourism, Phoenix and Scottsdale Convention and Visitors Bureaus as well as
partnerships with nearby resorts and hotels, including the JW Marriott Desert
Ridge, to ensure exposure to this important consumer base.
Arizona Tourism
• In 2013, 39.1 million domestic and international overnight travelers
experienced Arizona, which equates to approximately 110,000 visitors a day
• These travelers contributed $19.3 billion in spending.
• Greater Phoenix consistently ranks among the nation’s top cities in the number of
Five Diamond and Four Diamond and Five Star and Four Star resorts
• Arizona is ranked in the top five “most popular travel destinations for golfers”
according to the National Golf Foundation. Peak season is January through April.
There are 421 golf courses in Arizona, 53 are located in Scottsdale
• Greater Phoenix is home to more than 200 golf courses
Scottsdale
• Scottsdale hosted and estimated 8.9 million overnight visitors in 2012, and
7.78 million day visitors with an economic impact of $3.39 billion to the local
economy
• The typical Scottsdale visitor is 58 years old with a median yearly income of
$96,300
• Scottsdale visitors’ top 10 activities are: shopping, day trips, art galleries &
museums, nightlife, Western culture & attractions, Native American culture
& attractions, outdoor activities, spas, special events and golf
• In Scottsdale alone, there are an impressive 12,000 hotel rooms. Nearby
luxury resorts include: JW Marriott Desert Ridge, Scottsdale Fairmont
Princess, The Westin Kierland, Hyatt Regency Scottsdale Resort, Four
Seasons Resort, The Boulders and Sanctuary Resort.
*S
ource: Arizona Office of Tourism, Scottsdale CVB and VisitPhoenix.com
DE M O G R A PHI C I N F ORMAT ION
BY THE N UM B ER S
High Street is
poised to become
the #1 dining and
entertainment
destination in the
Northeast Valley,
filling the void
that mature and
affluent customers
in the trade area are
seeking.
3-Mile
5-Mile
10-Mile
Phoenix
Radius
Radius
Radius
MSA
Population
2018 Projection
55,309
178,670
575,312 4,606,364
2013 Estimate
51,140
167,679
541,801 4,333,245
Growth 2013-2018
8.15%
6.55%
6.19%
6.30%
Population within 30 min drive time: 2,042,024 2013 Est. Employed Pop. 16+
26,441
85,379 264,783 1,851,676
2013 Population by Age
Age 0-4
6.2%
6.1%
5.8%
7.3%
Age 5-9
6.6%
6.5%
6.0%
7.2%
Age 10-14
6.6%
6.7%
6.2%
7.1%
Age 15-19
5.8%
6.0%
5.8%
6.8%
Age 20 and over
74.9%
74.8%
76.0%
71.6%
Age 25 and over
69.1%
69.0%
70.0%
64.4%
Age 65 and over
11.3%
12.6%
14.9%
13.2%
2013 Est. Median Age
37.6
38.8
40.5
35
2013 Est. Pop. Age 25+ by Educational Attainment
35,343
115,676 379,858 2,639,059
Some College, no degree
22.2%
23.8%
24.1%
25.5%
Associate Degree
8.3%
7.7%
7.8%
8.2%
Bachelor’s Degree or Higher
50.6%
42.9%
41.2%
28.4%
2013 Est. Households by Household Income
21,467
68,033
226,145 1,589,107
Income $50,0000 - $74,999
19.9%
19.1%
18.2%
19.9%
Income $75,000 or Higher
47.6%
43.1%
41.2%
32.5%
2013 Est. Average Household Income
$95,122 $87,704 $86,886
$70,179
2013 Est. Median Household Income
$70,746 $63,652 $60,591 $52,009
2013 Est. Per Capita Income
$39,986 $35,705 $36,414
$26,112
2013 Est. Average All Owner-Occupied Housing Value $298,042 $285,633 $310,562 $206,574
2013 Est. All Owner Occupied Housing Units
13,429
44,368
146,683 1,005,643
2018 Projection of New Housing Units
1,452 4,139 12,027 98,026
Source: ESRI Business Analyst
H IGH S TREET EV EN TS
High Street has become a gathering place for families and friends both in the Desert Ridge
neighborhood and around the Valley. VIP fundraisers, high-energy concerts, bustling farmers
markets and engaging family events bring the community together time and again. The
contemporary architecture and tree-lined streets frame the “Events on High Street” and become
the perfect backdrop for charity block parties, holiday events and family celebrations.
Engaging our Audience
Each event is strategically approached to leverage additional opportunities for expanding general
consumer awareness of restaurants and retailers. Public Relations TV, print and online coverage,
bounce back coupons, social media outreach and paid advertising enable High Street retailers to
engage with new audiences through each event.
PR OJEC T FAC TS
M O R E A B O UT HI G H S T RE E T
Developed in 2008, High Street is a 628,000 square foot
mixed-use development that includes retail, restaurants,
office and residential units creating a true 24-7 environment.
The Shops and Restaurants on High Street The Offices on High Street The Residences on High Street Total 2014 Owned Sq Ft.
175,000 sq ft
330,000 sq ft
123,000 sq ft
628,000 sq ft
Phase 2: Future Development Pad
Total Sq. Ft.
212,500 sq ft
840,000 sq ft
Accessible Location and Convenient Parking
High Street is conveniently situated along Loop 101 at 56th Street
and Deer Valley Drive in Northeast Phoenix and offers convenient
valet and surface parking on High Street as well as covered parking
in the six-story parking garage that houses 1,422 spaces.
Sustainable Design
Environmentally conscious planning and sustainable elements such
as recycling programs and water efficient landscaping have been
incorporated into every aspect of High Street.
P HAS E 2: F UTUR E D EV E LOPME N T PAD
CONCEPTUAL DESIGN
City North A2 | A14
Conceptual Design Package
PHOENIX, AZ | #314097 | FEBRUARY 03, 2015
© Nelsen Partners, Inc. 2014
Conceptual Rendering
Amenity Deck Betwee
THE OWN ER S HI P
S KB AND WAY Z ATA I N V E S TME N T PART N E RS
Formed in 1993, SKB is a fully integrated real
estate merchant-banking firm based in Portland,
Oregon with additional offices in Seattle and
Denver. Investment types include office, retail,
industrial and mixed-use. SKB also funds bridge
loans and periodically provides equity to select
developers of ground-up development projects
located in the Western United States.
SKB has originated total portfolio activity of
$2.77 billion comprised of 20.3 million square
feet of office, industrial and retail space and
1,955 residential units. With longstanding
relationships in each of its markets, SKB has the
ability to source, structure and execute value
creation across a wide spectrum of real estate
opportunities. You may learn more by visiting the
company’s website at skbcos.com.
Based in Wayzata, Minnesota with branch
offices in Boston, Houston, London, and
Mumbai, Wayzata Investment Partners LLC
is an SEC registered investment adviser to
private investment funds with in excess of
$7 billion in assets under management. You
may learn more about Wayzata Investment
Partner’s by visiting the company’s website at
wayzatainvestmentpartners.com.
FO R R E TA I L L E A S I NG I NFOR M AT IO N, CO NTAC T
Darren Pitts | Executive Vice President
602-682-6050 | dp@velocityretail.com
Andy Kroot | Executive Vice President
602-682-8180 | akroot@velocityretail.com
Brian Gast | Senior Vice President
602-682-8155 | brian.gast@velocityretail.com
Dean Ingram | Vice President
602-682-8165 | dean.ingram@velocityretail.com
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