ARIZONA NEWS

New York firm starts construction on first phase for massive Scottsdale industrial park

Jun 23, 2024, 5:45 AM

A conceptual rendering of a building at Mack Innovation Park — a planned industrial and office pa...

A conceptual rendering of a building at Mack Innovation Park — a planned industrial and office park in north Scottsdale. (Mack Real Estate Group)

(Mack Real Estate Group)

A developer that’s flush with big projects in the Phoenix metro has started construction on the first phase of a more than 100-acre industrial park in Scottsdale.

Mack Real Estate Group, the New York City-based firm that recently won over 2,000 acres to develop a massive science and technology park in north Phoenix, broke ground on a large — although smaller — 124-acre park along Loop 101.

Mack is developing the Mack Innovation Park — an 11-building park made up of 1.2 million square feet of industrial and flex office space near Pima and Bell roads. The firm secured $63 million in debt financing from Bank OZK and PGIM Real Estate for the construction of the first phase of the project, which comprises two buildings and more than 300,000 square feet.

Bank OZK provided $43 million of first mortgage construction debt, and PGIM provided $19.78 million of construction mezzanine financing for the project.

The first phase is expected to be complete by Q4 2025. A start date for later phases was unknown as of June 20.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

President Joe Biden speaks during a campaign rally in Madison, Wisconsin, on July 5, 2024. The Demo...

KTAR.com

Democratic National Committee pumps money into battleground state Arizona

The Democratic National Committee announced nearly $1.5 million in investments in Arizona as part of its battleground state strategy.

43 minutes ago

Missing 87-year-old man from Sun Lakes subject of new Silver Alert...

Serena O'Sullivan

Silver Alert issued for missing 87-year-old man last seen in southeast Valley

A missing 87-year-old man from Sun Lakes hasn't been seen since Monday, according to the Arizona Department of Public Safety.

2 hours ago

3 dead after apartment fire broke out in Phoenix Ahwatukee area...

KTAR.com

Phoenix FD investigating homicide after 1 woman, 2 men found dead in apartment fire

An apartment fire broke out around 6:30 a.m. on July 15, 2024, according to the Phoenix Fire Department. Three people died as a result.

3 hours ago

Arizona arsonist sentenced to 4 years in prison for 2 house fires...

KTAR.com

Arizona man sentenced to 4 years in prison after setting 2 houses on fire last year

A 19-year-old man was sentenced to four years in prison after igniting two West Phoenix houses on fire last May, authorities said.

5 hours ago

Perfect Pear Bistro Chandler set to open soon...

KTAR.com

Perfect Pear Bistro expands to Chandler for 1st location outside Tempe

Perfect Pear Bistro expanded its operations outside of Tempe for the first time, bringing its signature grilled cheeses to Chandler on Monday.

5 hours ago

Triple Twist, Powerball produce 2 big winners over weekend...

Payne Moses

Gas station in the East Valley sells $1.75M lottery ticket to lucky winner

Check your tickets if you played Triple Twist or Powerball because slips worth $1,745,000 and $100,000 were sold at Arizona gas stations this past weekend, Arizona Lottery officials announced.

5 hours ago

Sponsored Articles

...

Midwestern University

Midwestern University Clinic visits boost student training & community health

Going to a Midwestern University Clinic can help make you feel good in more ways than one.

...

Collins Comfort Masters

Here’s how to be worry-free when your A/C goes out in the middle of summer

PHOENIX -- As Arizona approaches another hot summer, Phoenix residents are likely to spend more time indoors.

...

DESERT INSTITUTE FOR SPINE CARE

Desert Institute for Spine Care is the place for weekend warriors to fix their back pain

Spring has sprung and nothing is better than March in Arizona. The temperatures are perfect and with the beautiful weather, Arizona has become a hotbed for hikers, runners, golfers, pickleball players and all types of weekend warriors.

New York firm starts construction on first phase for massive Scottsdale industrial park