Multi-tenant office building in Scottsdale trades for $53.6M
JLL Capital Markets led the sales efforts for Scottsdale Forum, a 214,000-square-foot property adjacent to The Shops at Hilton Village
PHOENIX – August 16, 2022 – JLL Capital Markets announced today that it has closed the $53.6 million sale of Scottsdale Forum, a 214,000-square-foot, Class A office building in Scottsdale, Arizona.
JLL represented the seller, CapRidge Partners, and procured the buyer, Federal Realty Investment Trust.
Recently renovated, Scottsdale Forum is a trophy creative office asset that is leased to a variety of tenants. The building features numerous on-site amenities, including an outdoor courtyard and gaming area, on-site deli, collaborate areas and tenant lounges, conference room and abundant underground parking.
Scottsdale Forum is located on 7.13 acres at 6263 N. Scottsdale Rd. immediately adjacent to the Shops at Hilton Village. Additionally, the property is positioned between Old Town Scottsdale, the city’s premier entertainment district; the new Palmeraie development; Kierland Commons and Scottsdale Quarter, offering access to dining, shopping and entertainment destinations. The immediate area surrounding Scottsdale Forum has high barriers to entry with only two office assets delivered since 2016 and only one mixed-use office asset in the pipeline.
The JLL Capital Markets team representing the seller was led by Managing Director Ben Geelan and Senior Director Will Mast.
“While the buyer is typically focused on retail investments, our team was able to identify an opportunity for Federal to acquire this office property and combine it into their larger plan for their adjacent Hilton Village retail site,” Mast said.
“Scottsdale is the largest employment center in Arizona offering a business-friendly climate that continues to attract leading companies in technology, healthcare, hospitality, advanced business services and more,” Geelan added.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About CapRidge Partners
CapRidge Partners is a vertically integrated investment management company with decades of experience as both a local operator and an institutional investor. For more information, please visit: capridgepartners.com.
About Federal Realty Investment Trust
Federal Realty is a leading real estate investment trust. With over 50 years of leadership, we own, operate and develop retail and mixed-use neighborhoods. To learn more: federalrealty.com.