Real estate investment firm buys office building along Scottsdale Road for $53.6M
PHOENIX — A real estate investment company purchased an office building in Scottsdale on Tuesday for nearly $54 million.
Scottsdale Forum, a 214,000-sqaure-foot property located on Scottsdale Road and McDonald Drive, was purchased by Federal Realty Investment Trust for $53.6 million, JLL Capital Markets said in a press release.
The newly renovated 7.13-acre property sits adjacent to The Shops at Hilton Village, with spaces leased to various tenants in the design, finance, mortgage, nutrition, software and real estate sectors.
Building amenities include an outdoor courtyard and gaming area, an on-site deli, tenant lounges and collaborate ideas, as well as underground parking.
“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,” Will Mast, senior director of the JLL Capital markets team that represented the seller, Capridge Partners, said in the release.
Old Town Scottsdale is located just over two miles south of the property, while Kierland Commons and Scottsdale Quarter are about seven miles north.