Cushman & Wakefield announced June 15 that the firm brokered the sale of The Shops at Hilton Village, a 92,728-square-foot trophy shopping center located directly on Scottsdale Road.
The property services the well-established, affluent neighborhoods in Scottsdale and Paradise Valley and was 96% leased to a variety of tenants.
The asset sold for $37.5 million.
The center was acquired by Federal Realty Investment Trust, a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets.
The seller was an affiliate of RED Development, which was represented in the transaction by Cushman & Wakefield's Michael Hackett and Ryan Schubert in Phoenix.
RED has retained a minority ownership interest in the property and will continue to lease and manage the project.
“The Shops at Hilton Village is an irreplaceable retail center located on the border of two of the region’s most prestigious cities, Scottsdale and Paradise Valley,” Ryan Schubert stated in the release.
Situated on approximately 10.61 acres, originally developed in the early 1980s, The Shops at Hilton Village is located in the midst of Scottsdale’s “Resort Corridor”.
There are 43 hotels 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.