CapRidge Partners purchases Scottsdale Forum for $40.75M

A view of Scottsdale Forum at 6263 N. Scottsdale Road. (Submitted Photo)

CapRidge Partners of Austin, Texas has entered into the Phoenix metropolitan real estate market with the purchase of Scottsdale Forum, 6263 N. Scottsdale Road.

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 $40.75 million, according to a press release.

Built in 1989, Scottsdale Forum is a three-story, Class A institutional office building along Scottsdale Road. 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 under construction in the Town of Paradise Valley.

“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 in a prepared statement.

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.

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