A site in northern Scottsdale just acquired for $125 million at auction could see the construction of new industrial and warehouse space.
The property in question sits at the intersection of Loop 101 and Bell Road in a mostly undeveloped part of the city.
The New York-based Mack Real Estate Group, which specializes in the investment and development of mixed-use properties, submitted the winning bid at the auction coordinated by the Arizona State Land Department.
Richard Mack, chief executive officer of the Mack Group, said in a statement that his company remains “very bullish on industrial property and residential rents” in the metro Phoenix area.
The company has previously spearheaded the development of the Mack Innovation Park in north Phoenix, which contains some 4 million square feet of industrial and manufacturing space on 224 acres purchased by the Mack Group last year.
Two years ago, the Mack Group, which has been investing in and developing industrial properties in metro Phoenix since 1987, also purchased for $59 million The Hub at Goodyear, a site featuring nearly 800,000 square feet of industrial facility space.
Specific building plans for the Loop 101/Bell Road property have not yet been announced.
Scottsdale, with a population of more than 240,000 people, up from just over 202,000 two decades ago, remains one of the business growth hotspots of Arizona, rated as the top city in the state for new venture capital investment and seeing the opening of more than 800 new businesses last year.
By Garry Boulard
