Scottsdale Quarter Mall Sells for $645 Million

Tech entrepreneur George Kurtz has made his latest big-ticket purchase, this time in the Phoenix metro.

Kurtz, through his FalconEye Ventures firm, has acquired Scottsdale Quarter, a roughly 750,000-square-foot open-air mixed-use development at 15279 North Scottsdale Road, AZ Big Media reported. The CrowdStrike CEO acquired the property for $645.1 million. Vestar, which owns and operates open-air shopping centers across the Western United States, will oversee operations at the property.

Scottsdale Quarter will undergo a facelift under FalconEye’s watch. The Scottsdale-based firm plans to make a $100 million capital investment in the complex. The mall currently boasts retail, dining and offices as well as nearly 600 residential units.

The capital improvement plan aims to expand the Class A offices to attract tech and creative tenants and create a live-work-play center that combines luxury retail, chef-driven dining and innovation-focused offices, according to AZ Big Media.

The goal with the plan is to focus on tenant curation, infrastructure enhancements and experiential retail concepts to make a one-of-a-kind destination in the Scottsdale area. Implementation of the capital improvement effort is scheduled to begin late this year with a phased rollout to minimize disruption for tenants and customers.

Current tenants include Apple, Lululemon, Restoration Hardware, Dominick’s Steakhouse and True Food Kitchen. Scottsdale Quarter sees more than 4.5 million visitors each year, according to FalconEye and Vestar.

“Scottsdale Quarter is a powerful asset with even greater future potential as a magnet retail destination and a hub for breakthrough technology companies,” Kurtz said in a statement. “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.”

Kurtz founded FalconEye Ventures in 2020 with the goal of acquiring, developing and managing commercial real estate properties across multiple asset classes. The firm’s portfolio also includes The Promenade Scottsdale, an open-air shopping center at 16243 North Scottsdale Road. It’s also pursuing The Parque, a $1 billion mixed-use development in Scottsdale Airpark that would bring a five-star 223-room hotel, 1,236 condominiums and rental apartments and 100,000 square feet of retail space to a 32.3-acre plot in the industrial-heavy Airpark neighborhood. — Chris Malone Méndez