Federal Realty makes first entry into Arizona Market with acquisition of The Shops at Hilton Village
Cushman & Wakefield announced today the firm has brokered the sale of The Shops at Hilton Village, a 92,728-square-foot trophy shopping center located directly on Scottsdale Road in Scottsdale, Arizona. The property was 96% leased to a diverse tenant roster and services the well-established, affluent neighborhoods in Scottsdale and Paradise Valley. 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 from Washington, D.C. to Boston as well as San Francisco and Los Angeles.
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.
“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,” said Ryan Schubert.
Situated on approximately 10.61 acres at the northeast corner (NEC) of Scottsdale Rd and McDonald Dr and 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, 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.