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9/18/18
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Los Angeles-based MFRG-ICON Construction purchased Palo Cristi II, a 30.3k sf office building in Scottsdale, AZ, for $4.6 mil ($152/sf). The property is located at 15721 North Greenway-Hayden Loop, within Scottsdale Airpark.
With frontage along the Greenway-Hayden Loop, the multi-tenant building was 50% 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.
Michael Kitlica, Tracy Cartledge, Steve Lindley, and Bob Buckley of Cushman & Wakefield negotiated the transaction on behalf of the seller, Scottsdale based Jamies Building LLC.
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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 bil in construction while temporarily relocating over 30,000 families and seniors.
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