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.

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