PHOENIX, Nov. 20, 2018 – Cushman & Wakefield is pleased to announce the sale of Scottsdale Design District, a 109,652-square-foot boutique showroom located on the corner of East Thomas Road and North 68th Street in Scottsdale, Ariz. The property is well known as a direct-to-trade marketplace for Metro Phoenix interior designers.
Cushman & Wakefield’s Chris Toci, Chad Littell and Brent Mallonee arranged the transaction on behalf of the seller. The purchasers were introduced to the asset by Brandon Holdings, the sponsor, and IX Advisors LLC, a real estate advisory based in Seattle. Key investors included Stephen Summers, President of Mockingbird Interests and the principal investor in Highland Park Village in Dallas and the Lego Building in Aspen, Colo., and a Hong Kong family office who anchored another significant acquisition in the Metro Phoenix area this year.
“This location is well known in the design community as the go-to place for high-end home furnishings and art. This is our second transaction with the investment sponsor Brandon Holdings and IX Advisors in 2018, and we are glad they see the same value and potential in the Phoenix market as we do,” said Chris Toci, Executive Managing Director of Cushman & Wakefield.
David Austin and Malia Chui, Partners with IX Advisors, stated, “We selected this asset for many reasons, including its solid tenant base and strategic location. We have been interested in acquiring an experiential retail style center for some time, and this acquisition met all of our criteria.”
Scottsdale Design District is occupied by local and nationally recognized interior designers, art dealers, and retailers, including John Brooks, Pindler & Pindler, Century, Town, and Kravet.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) 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. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.