Developer Plans up to 4 Million Square Feet of Spec and Build-to-Suit Projects for Logistics Users and Others in Prime Phoenix, AZ Location
An affiliate of Mack Real Estate Group, LLC (MREG) is set to acquire 224 acres of land in the Deer Valley submarket after submitting the winning bid at a state auction held yesterday. Strategically located in an area that is highly desirable for logistics but has a limited supply of available land zoned for such uses, the sites can house up to 4 million square feet of industrial, office and manufacturing space. MREG plans to build in phases, offering both build-to-suit opportunities and speculative buildings within the overall three (3) site development. Richard Mack, CEO of MREG, announced the deal.
“We continue to ramp up activity in Phoenix, building on our local track record that extends back to the 1980s through various Mack businesses,” Mr. Mack said. “The Mack family’s success in Phoenix has been broad based, but recently it has centered on Deer Valley industrial development. This new deal by MREG takes us back to our roots while also accelerating our growth trajectory in Phoenix.”
The winning bid for the Deer Valley sites follows significant acquisition and development activity by MREG in Phoenix last year, and further demonstrates a renewed commitment to growth in and around a market where Mack family investments have been well established since the 1980s. Late last year, MREG closed on construction financing and officially broke ground on a 170-unit market rate Class A apartment community in Scottsdale and acquired The Hub at Goodyear, a new, 793,862-square-foot industrial facility located in Goodyear, AZ, in one of the market’s largest industrial trades of 2020. Mack Property Management, the property management business of MREG, also relocated its head office to Phoenix last fall.
MREG recently brought on Craig Henig, formerly of The Mack Company, a separate Mack family business that has been investing and developing industrial and office properties in Phoenix since 1987. Mr. Henig serves as Executive Director, overseeing MREG’s activities in the region. “The Deer Valley land provides an outstanding opportunity to write a new chapter of success in Phoenix. We’re incredibly gratified to be the winning bidder as we believe strongly in the potential of Deer Valley – as we always have.”