VERTICAL CONSTRUCTION BEGINS AT MACK INNOVATION PARK SCOTTSDALE

305,400 SF First Phase of 1.2 Million SF Project is Underway

Mack Real Estate Group’s (MREG) latest project will soon be rising in Scottsdale, as general contractor Willmeng Construction begins vertical construction on the 305,400 square foot first phase of Mack Innovation Park Scottsdale (MIP Scottsdale).  The site as a whole accommodates 1.2 million square feet across 11 buildings on a well-located site in North Scottsdale with excellent access to Pima and Bell roads and the Loop 101 freeway.

 “Our team has been deeply engaged with the local community and the City of Scottsdale to create a project that integrates well with its surroundings,” said Richard Mack, CEO of MREG.  “We expect will be an appealing addition to the City in this excellent location.”

The first phase of MIP Scottsdale consists of two buildings comprising 305,400 square feet and has secured construction financing, with Bank OZK providing $43.0 million of first mortgage construction debt and PGIM Real Estate providing $19.78 million of construction mezzanine financing.  Lenga Partners, a Chilean based real estate investment firm focused on industrial, multifamily, and mixed-use assets within the U.S. market, is Mack's equity joint venture partner in the project.

Butler Design Group’s design for Mack Innovation Park Scottsdale pays homage to the legacy of Frank Lloyd Wright and his Taliesin West, which is located just five miles away.  The design is characterized by integration with the surrounding landscape, use of natural materials, and emphasis on horizontal lines.  The site and landscaping, including washes and trees, are key elements in the design, reflecting Wright's philosophy of organic architecture.  As modern industrial facilities, the buildings are to feature 32’ clear heights, 53 dock-high doors, 20 grade-level doors, and 516 parking stalls.

In addition to Willmeng and Butler Design Group, the project team for Mack Innovation Park Scottsdale consists of Withey Morris Baugh PLC as land use counsel.  Leasing agents are Mitch Stravitz and Rusty Kennedy of CBRE, James Cohn of Stream Realty, and Randy Shell of Shell Commercial.

“Mack Real Estate Group has an exciting role to play in development within the greater Phoenix market,” said James Murphy, CEO of Willmeng. “They have established a strong brand locally, and it’s an honor for our team to work on this project and help them bring their vision to life.”

MREG is a real estate firm with a national development and investment footprint, including a large and growing presence in Phoenix.  In addition to Halo Vista, the 2,300-acre development in the North Valley surrounding Taiwan Semiconductor Manufacturing Corporation’s campus, MREG is currently developing industrial properties in Deer Valley and Scottsdale and is an active multifamily developer in Phoenix, with several traditional multifamily and build-for-rent projects under way or recently completed.