By Eric Jay Toll for The Arizona Builder’s Exchange
Scottsdale Healthcare Corporation plunked down $15M ($201/SF) for the former Medicis corporate headquarters, McCormick Place, 8125 N. Hayden Rd., Scottsdale. The 74.5K SF three-story office building will undergo TI to accommodate the non-profit health system’s administrative leadership. SHC is looking at a 2013 move to the new headquarters. The required improvements to the space are very minimal, which was one of the selling points of pursuing this property. A sole proprietor General Contractor has the assignment for replacing carpet and paint, according to Luke Walker, Vice President of CBRE.
CBRE and Arizona Commercial Advisors worked for the buyer with CBRE representing the northern California REIT that owned by the building. The acquisition comes on the heels of Scottsdale Healthcare’s August sale of 400K SF of its medical office space for $81M ($203/SF) to HCP, Inc.
Shifting the nearly 75K SF of corporate and business office functions five miles north on Hayden Rd. opens up space on the Osborn Campus and puts administrators slightly closer to the organization’s Shea and Thompson Peak hospitals as well as its newly opened Paradise Village urgent care center.
Until 2008, the building served as the corporate headquarters for Medicis Pharmaceutical Corporation. It is located on the northeast corner of Hayden Road and Via de Ventura, less than one mile from the Loop 101. Also included in the sale was an adjacent, free-standing, covered parking garage.