JV to Recapitalize $143M Phoenix-Area Asset
Galleria Corporate Center was originally developed as a mall and now encompasses two Class A office buildings totaling 537,110 square feet.
By IvyLee Rosario
Galleria Corporate Center in Scottsdale, Ariz.
Phoenix—Stockdale Capital Partners, in partnership with Jasper Ridge Partners, will recapitalize ownership of the $142.5 million Galleria Corporate Center at 4343 N. Scottsdale Road in Scottsdale, Ariz.
The Galleria comprises two Class A office buildings totaling 537,110 square feet. Originally built in 1991 as a mall, the adaptive reuse property was converted to office in 2001 and underwent cosmetic renovations in 2014. The recapitalization includes the addition of more than two acres of land adjacent to the Galleria, entitled for construction of up to 220,000 square feet of office.
The LEED-certified building, which was purchased by Stockdale in 2013, will also undergo a multimillion dollar renovation of the lobby and common areas. Tenants include companies like Yelp, SAP and McKesson. Stockdale is also the developer of the nearby W and Aloft hotels, as well as several other properties in the area known as the Scottsdale Entertainment District.
“We continue to see significant upside in the Phoenix-Scottsdale market and believe the newly renovated Galleria offers the absolute best location for employers to experience the tremendous growth and rich amenities of downtown Scottsdale,” said Daniel Michaels, managing director at Stockdale Capital Partners, in prepared remarks.
Image courtesy of Stockdale Capital Partners
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