March 20, 2017
Stockdale Capital Partners and Jasper Ridge Partners formed an institutional joint venture to recapitalize ownership of the $142.5 million Galleria Corporate Center in Scottsdale, AZ. The JV is the first between the two companies.
Stockdale acquired the 527,110-square-foot Galleria Corporate Center at Scottsdale Road in 2013, and is about to complete a multimillion-dollar renovation of the building’s lobby and common areas. The property delivered in the 1990s as a retail mall, and was converted to office use in 2000, with tenants including Yelp, SAP and McKesson.
“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 with Stockdale Capital Partners. “We look forward to continuing our success at this asset with our new partner Jasper Ridge.”
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