VIZZDA--OCTOBER 2ND, 2012-- The McCormick Place Office Complex was purchased by Scottsdale Healthcare Corp for $15,000,000 or $202.82 per square foot. The seller was Michael S Mikulich of Berkley Land Co. Scottsdale Healthcare Corp and Berkley Land Co previously entered purchase agreement December 9th, 2011.
The 73,957 square foot, three-story building is located at 8125 N Hayden Road, or the Northeast corner of Hayden Road and Via de Venture in Scottsdale. The property consists of 2.83 net acres zoned C-O and includes a 224-space above and below grade level parking garage. Zoning approval granted February 2nd, 2010 for addition of one-story (81 spaces) onto parking garage, which would bring the total parking to on site to 358 spaces. This addition was never built and the total current parking on site stands at 277 spaces. The current parking ratio on site is 4.98:1000 SF.
Berkeley Land Co previously acquired the property from Abart Properties on December 17th, 2004 for $17,700,000 or $239.33 per square foot with assumption of $10,512,000 Wells Fargo Bank CMBS debt. A new $9,600,000 loan with Wells Fargo Bank was issued on February 26th, 2010. CMBS debt was released August 24th 2010. $9,600,000 debt released February 15th, 2012.
Director Planning & Municipal Solutions