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6/17/21
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The Shops at Hilton Village, a 92.7k sf, trophy shopping center located directly on Scottsdale Road in Scottsdale, AZ, sold for $37.5 mil $404/sf). The buyer was Federal Realty Investment Trust.
The Shops at Hilton Village was 96% leased to a diverse tenant roster and services the well-established, affluent neighborhoods in Scottsdale and Paradise Valley. Built in the 1980s, the property is situated on approximately 10.6 acres at the northeast corner of Scottsdale Rd and McDonald Dr.
The Shops at Hilton Village is located in the midst of Scottsdale’s “Resort Corridor”. There are 43 hotels, with 8,863 rooms within three miles of The Shops at Hilton Village, the majority of which are within a half mile of Scottsdale Road, including many first-class brands both new and old.
The seller was an affiliate of REd Development, which was represented in the transaction by Michael Hackett and Ryan Schubert with Cushman & Wakefield in Phoenix. RED has retained a minority ownership interest in the property and will continue to lease and manage the project.
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