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$18M Takes Control of Class A Office Building

SCOTTSDALE, AZ-Armed with 1031 Exchange money, an investment company from Danville, CA, buys the 74,947-sf McCormick Corporate Center, a three-story building that's fully leased to Medicis Pharmaceutical Corp. until 2011.

By Jennifer D. Duell | Updated on January 14, 2005

SCOTTSDALE, AZ-A family-owned investment company from Danville, CA, has made its first buy in the Valley, dropping $17.7 million for McCormick Corporate Center. The 74,947-sf, class A office building is fully leased to Medicis Pharmaceutical Corp. until 2011.

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.

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