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8/17/22
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Federal Realty Investment Trust paid $53.6 mil for Scottsdale Forum, a 214k sf ($251/sf), Class A office building in Scottsdale, AZ. The property was sold by CapRidge Partners.
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 situated 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.
Ben Geelan and Will Mast with JLL Capital Markets represented the seller in the transaction. According to Gelan, 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.
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