Cushman & Wakefield Sells Palo Cristi II to MFRG-ICON Construction
PHOENIX, Sept. 17, 2018 – 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.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.