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.
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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.