Scottsdale Airpark office building sells for $4.59 million

Palo Cristi II is at 15721 N. Greenway-Hayden Loop in Scottsdale. (Submitted photo)

Cushman & Wakefield has announced that Los Angeles-based MFRG-ICON Construction purchased Palo Cristi II, 15721 N. Greenway-Hayden Loop in Scottsdale, from Scottsdale-based Jamies Building LLC.

The sale price was $4.59 million, according to a release.

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,” the release stated.

MFRG-ICON, with offices in Scottsdale and Los Angeles, acquired Palo Cristi II for a relocation and expansion from its Hayden Road office. The company plans to occupy the second floor.

MFRG-ICON has specialized in the Low-Income Housing Tax Credit industry since 1992 and has completed more than 28,000 units of affordable housing and $1.7 billion in construction while temporarily relocating more than 30,000 families and seniors, according to the release.

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

“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,” Mr. Kitlica stated.

The Scottsdale Independent is published monthly and mailed to 75,000 homes and businesses in Scottsdale.

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