Scottsdale Airpark Office Building Sold for $4.59 Million

PHOENIX, ARIZ.  –  Cushman & Wakefield announced that Los Angeles-based MFRG-ICON Construction purchased Palo Cristi II, located at 15721 North Greenway-Hayden Loop in Scottsdale, Ariz., from Scottsdale based Jamies Building LLC. Sale price was $4.59 million.

Michael Kitlica, Tracy Cartledge, Steve Lindley, and Bob Buckley of Cushman & Wakefield negotiated the transaction on behalf of the seller.

Palo Cristi II is a 30,314-square-foot, two-story office building in the Scottsdale Airpark. With frontage along the Greenway-Hayden Loop, the multi-tenant building was 50 percent leased at the close of escrow. Surrounded by some of Metro Phoenix’s most prestigious mixed-use developments, Palo Cristi II lies one-half mile east of Scottsdale Quarter and Kierland Commons.

MFRG-ICON, with offices in both Scottsdale and Los Angeles, acquired Palo Cristi II for a relocation and expansion from its Hayden Road office. The company plans to occupy the entire second floor. MFRG-ICON has specialized in the Low Income Housing Tax Credit (LIHTC) industry since 1992, and has completed more than 28,000 units of affordable housing and $1.7 billion in construction while temporarily relocating over 30,000 families and seniors.

“MFRG-ICON Construction selected this location due to the long term intrinsic value and strong visibility, as well as close access to both Kierland and the Scottsdale Quarter. MFRG-ICON Construction plans an extensive renovation to the property slated for the first quarter of 2019,” said Kitlica.

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