Mack Real Estate Group has purchased 124 acres in north Scottsdale. The developer paid $125M in an Arizona State Land Department auction for the site at Loop 101 and Bell Road.
The plans have not been finalized for the combination of offerings for the mixed-use site, but final buildout could be up to 4.3MSF. Potential uses include residential, logistics/last mile and flex space.
Mack Real Estate Group CEO Richard Mack was quoted as saying the industrial portion of the site could synergize well with the Mack Innovation Park in the Deer Valley area.
Media reports state several different groups were competing for the land, which had a starting bid of $58.58M. Other firms included Baker Development Group and Verde Investments, Inc., as well as two LLCs. (Source)
