The purchase price of the 28,355-sf suburban office building equates to more than $116 per sf for seller McCormick Ranch Office Investors, an entity of Phoenix-based Cole Cos. The acquisition is situated northeast of the intersection of Indian Bend and Hayden roads. It also is less than two miles west of the Pima Freeway section of the Loop 101. Paradise Valley, one of metro Phoenix's most exclusive residential communities, is just two miles west of the office project.
Brokers Stan Shafer and Eric Wichterman, both of the Phoenix office of Grubb & Ellis Co., and AzCal Real Estate's Phoenix office negotiated the transaction.
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