Valley-Based Private Equity Firm Raising Money to Develop New Office Building in Camelback Corridor

Article originally posted on Phoenix Business Journal on June 20, 2023

Sam Grooms wanted his firm, WhiteHaven, to find an office at The Grove.

Unfortunately for the managing partner of the Valley private equity firm, space was in high demand and they ultimately struck out in landing a spot in one of the more recent top-flight office developments in the Valley. Instead, WhiteHaven is now raising money to build a new office building itself on The Grove’s campus where it can make sure to carve out some space.

This is a special set of circumstances for WhiteHaven, which primarily invests in multifamily developments throughout the Valley. Dubbed 4210 at The Grove, WhiteHaven is developing the two-floor, 45,000-square-foot office building alongside Hibernia Capital Advisors. Grooms said the two companies crossed paths with one another as WhiteHaven pursued an office at The Grove. Hibernia Capital recently developed an up-scale self-storage facility at The Grove.

“This is definitely more of a one-off. I don’t think we’re going to be developing any other office [projects],” Grooms said.

WhiteHaven and Hibernia Capital’s office building would be located directly to the south of Hibernia Capital’s self-storage facility and west of Banner Health Center Plus’ medical office and the 180,000-square-foot, fully-occupied office building that’s in operation.

WhiteHaven and Hibernia Capital are raising $13.8 million to move forward on the project with WhiteHaven raising the bulk of those funds. To date, about $7 million has been raised after the investment round opened earlier this month, Grooms said.

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