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September 18, 2018
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CapRidge Partners Completes $40 Mil AZ Office Buy

9/12/18

CapRidge Partners, out of Austin, TX, has purchased Scottsdale Forum, a 213.5k sf office property in Scottsdale, AZ, for $40.75 mil, or $191/sf. Located at 6263 N. Scottsdale Rd, the property was sold by New York-based Clarion Partners.

Scottsdale Forum is a three-story, Class A institutional office building located along Scottsdale Rd in the well-known resort corridor. Adjacent to the 230-room Hilton Scottsdale Resort, the property is within walking distance to nearly 100 restaurants and retail shops located within the Borgata and Hilton Village and is in close proximity to the new 105-acre Ritz-Carlton currently under construction.

Originally constructed in 1989, Scottsdale Forum recently completed a multi-million dollar renovation. The building, currently 75% leased, is positioned for tech-friendly tenants and features an on-site café, three EV charging stations, interior courtyard with Wi-Fi and on-site property management.

Cushman & Wakefield’s Chris Toci, Chad Littell, Jerry Noble, Greg Mayer and Patrick Schrimsher represented the seller in the transaction.

“At its current 75 percent occupancy level, CapRidge intends to spend meaningful capital dollars through courtyard renovations, the addition of tenant amenity space and piggy-backing off an open/creative office plan that Clarion Partners had already begun,” said Noble.





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