PHOENIX — Retail investment group FalconEye Ventures announced Thursday its acquisition of Scottsdale Quarter, an open-air mixed-use destination in north Scottsdale.
As part of the acquisition, FalconEye plans to implement a $100 million capital improvement program that is expected to elevate the property’s positioning within the luxury retail sector and expand its Class-A office offerings.
Scottsdale Quarter is 775,000-square-feet and features retail, dining and office components. Some of its most notable retailers include Apple, lululemon, Dominick’s Steakhouse and True Food Kitchen. It is also complemented by almost 600 residential units.
In the announcement, the retail investment group also named Vestar — an owner and operator of open-air shopping centers across the western United States — as its strategic partner that will oversee operations at Scottsdale Quarter.
“Scottsdale Quarter is a powerful asset with even greater future potential as a magnet retail destination and a hub for breakthrough technology companies,” FalconEye Ventures Founder George Kurtz said in the announcement. “This acquisition aligns with our commitment to investing in and developing leading mixed-use properties that serve as catalysts for innovative companies and economic growth.”
What does FalconEye and Vestar have planned for Scottsdale Quarter?
The capital improvement program the two organizations plan to execute at Scottsdale Quarter will focus on tenant curation, infrastructure enhancements and experiential retail concepts designed to differentiate the property.
Implementation of the program will begin late 2025 and will be done in phases in order to minimize any operational disruption to the existing tenants.
Scottsdale Quarter serves more than 4.5 million visitors annually, according to FalconEye and Vestar.
“Working with FalconEye Ventures represents a strategic opportunity to advance our shared vision for Scottsdale Quarter,” Vestar President and CEO David Larcher said.
“The planned enhancements will build upon the property’s strong foundation while positioning it as a destination for continued growth in an evolving retail and office landscape.”
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