Scottsdale Forum sells for $40.75 million
CapRidge Partners of Austin, Texas has made its initial entrance into the Metro Phoenix real estate market with the purchase of Scottsdale Forum, located at 6263 N. Scottsdale Road in Scottsdale, Ariz. On behalf of New York-based Clarion Partners, Cushman & Wakefield’s Chris Toci, Chad Littell, Jerry Noble, Greg Mayer and Patrick Schrimsher completed the sale for $40.75million.
Built in 1989, Scottsdale Forum is a three-story, Class A institutional office building located along Scottsdale Road 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.
“With the precision of a well-trained surgeon, CapRidge Partners has made an excellent acquisition in a high barrier to entry transformational Central Scottsdale submarket that will benefit from the new $2 billion Ritz-Carlton currently under construction nearby,” said Executive Managing Director Chris Toci.
Scottsdale Forum is a 213,501-square-foot office building that recently completed a multi-million dollar renovation. At 75 percent leased, the building 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.
“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 Senior Director Jerry Noble.
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.