PEORIA, AZ-The Mack Co. has placed a $6-million contract on 29 acres ticketed for build-out with 365,000 sf of showroom and warehouse space. The six-building plan’s estimated cost is pushing $30 million.

“A lot of people associated with homebuilding out there will probably be the predominant users,” says Mark Becker, a managing member of the Mack Co. in Scottsdale. He tells GlobeSt.com that the deal is being financed internally, but is expected to close escrow with the Lydic family by year’s end.

The under-contract farmland sits at the northwest corner of Thunderbird Road and Loop 101. Becker says Mack’s plans call for construction of six buildings in two phases, with the first breaking ground in January or February 2005. Build-out is expected to take six months. Buildings will range from 20,000 sf to 180,000 sf. Rents are expected to range from 80 cents per sf to 85 cents per sf.

Becker says pre-leasing has yet to begin for plans still on the drawing board. The company retained McCall & Associates of Scottsdale to handle the design for buildings with suites divisible by 2,500 sf or more. The general contractor has not yet been selected.

Local homebuilders are target tenants, with Peoria’s residential market enjoying a healthy round of development. Mack’s development will be competing with nearby properties owned by Jackson-Shaw Co. of Dallas and First Industrial Realty Trust Inc. of Chicago.

Allen Lowe of Lee & Associates Arizona in Phoenix represents the Mack Co. in its land purchase negotiations. Sean Gillespie is negotiating on behalf of the local seller.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.