The Shops at Hilton Village, a 92,728-square-foot shopping center located on Scottsdale Road in Scottsdale, recently sold to Federal Realty Investment Trust for $37.5 million. The seller was an affiliate of Red Development, which has retained a minority ownership interest in the property and will continue to lease and manage it.

The seller was represented by Michael Hackett and Ryan Schubert with Cushman & Wakefield in Phoenix.

“The Shops at Hilton Village is an irreplaceable retail center located on the border of two of the region’s most prestigious cities, Scottsdale and Paradise Valley,” said Schubert.

The property was 96 percent leased at the time of sale.

Originally developed in the early 1980s, The Shops at Hilton Village is located in the midst of Scottsdale’s Resort Corridor on approximately 10.61 acres at the northeast corner of Scottsdale Road and McDonald Drive. There are 43 hotels with 8,863 rooms within three miles of The Shops at Hilton Village, and most are within a half-mile of Scottsdale Road.