Mack Real Estate Group Pays $59M for Phoenix Asset
- Oct 09, 2020
Mack Real Estate Group is expanding its Phoenix area industrial holdings with the acquisition of The HUB at Goodyear, a newly built, 793,862-square-foot facility in Goodyear, Ariz., for $59 million. The property’s seller and developer is Clarius Partners LLC, according to Yardi Matrix data.
The transaction, made by MREG Bullard LLC, a MREG affiliate, was one of the largest industrial sales in the region this year, according to the Phoenix Business Journal.
Pat Feeney, Dan Calihan, Rusty Kennedy and James Cohn of CBRE in Phoenix represented the buyer and have been selected as the exclusive leasing agency for the project. Bruce Francis of CBRE Capital Markets, Debt & Structured Finance arranged the acquisition financing for the MREG affiliate.
Richard Mack, MREG CEO, said in a prepared statement the firm believes well-located assets like The HUB at Goodyear are poised to outperform in an increasingly online retail economy. He said Phoenix is an area where the Mack family business expected to ramp up strategic acquisition and development activity in high quality industrial products as well as other product types and business lines. He noted the company has been actively investing and developing industrial and office properties in Phoenix since 1987. Mack said the acquisition of The HUB at Goodyear demonstrates MREG’s renewed commitment to the market, adding the firm expected to announce more news about Phoenix assets in the near future.
Feeney said in a prepared statement the facility caters to distribution, manufacturing and e-commerce companies looking to take advantage of all the benefits of locating within Goodyear, including a robust labor pool, access to California and nine other metros in the Western U.S. and proximity to many of Arizona’s largest corporate tenants.
LGE Design Build and Clarius Partners LLC broke ground on the speculative asset at 305 S. Bullard Ave. in March 2019. At the time, the HUB was the first project to be developed in Goodyear’s Bullard Tech Corridor. The HUB at Goodyear provides access to the ports of Los Angeles and Long Beach, Calif., which are a six-hour drive away. It is one mile south of the interchange at Interstate 10 and Bullard Avenue and is situated within a Foreign Trade Zone and adjacent to the Phoenix-Goodyear Airport and many corporate neighbors including Chewy.com, Michael Lewis, Snyder’s of Hanover, McLane Foods and Macy’s.
The property, located on nearly 43 acres, is easily divisible and features cross-dock configuration, 40-foot clear height, 144 dock high doors, four grade-level doors and 190-foot full concrete doors. The site, which has parking for 192 trailers and 420 cars, offers excellent egress and ingress with access from Bullard and 143rd avenues.