Berkeley Land Co. completed a 1031 Exchange out of ranch land in Northern California to purchase the three-story building at 8125 N. Hayden Rd. in Scottsdale from local owner Abart Properties. The firm acquired McCormick Corporate Center in 2001 from its developer Bob Mayfield of Phoenix, says Glenn Smigiel, a first vice president with CB Richard Ellis Inc. who represented Abart Properties along with Bob Young, Steven Brabant, Rick Abraham, Brad Anderson and Luke Walker.

Smigiel tells GlobeSt.com that McCormick Corporate Center received 10 offers, but may have received more interest if it had not had an assumable loan. The $10-million loan, which is held by Chicago-based Orix Capital Markets, has an interest rate of 8.44%. With a 30-year amortization, the loan is due in April 2010.

"Because of the quality of the asset, the buyer was willing to accept the loan," Smigiel says. Situated on three acres near at the intersection of Hayden Road and Via de Ventura, McCormick Corporate Center is in a "fabulous location," Smigiel says, adding the quality of the tenant was particularly attractive. Medicis is an original tenant in the six-year-old building. The pharmaceutical company originally occupied roughly 50,000 sf on the first and second floor, but eventually took over the entire building.