Griffin Capital Acquires McKesson III Office Building Near Phoenix for $37.7M
SCOTTSDALE, ARIZ. — Griffin Capital Essential Asset REIT has acquired McKesson III, a Class A office building located in Scottsdale. Ryan Cos. sold the asset for $37.7 million. McKesson Corp. occupies the 124,879-square-foot asset, which is situated on 11 acres at 5801 N. Pima Road, on a long-term basis. McKesson, a healthcare industry supplies and technology company, utilizes the facility as an expansion of its Scottsdale office campus.
The project is subject to an 83-year leasehold interest in land owned by members of the Salt River Pima-Maricopa Indian Community. Ryan Cos., as general contractor and developer, completed the facility in June. Griffin Capital Essential Asset REIT purchased two adjacent buildings, also leased by McKesson, in April 2018 for $67 million.
Team Toci of Cushman & Wakefield represented Ryan Cos. in the sale of McKesson III.