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.

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