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29 Acres Under Contract for $30M Project

PEORIA, AZ-The Mack Co. is planning a 365,000-sf development of showroom and warehouse space at the junction of Loop 101 and Thunderbird Road. The land acquisition is poised to close by year's end, with construction ramping up in first quarter 2005.

By Lee Simmons | Updated on July 09, 2004

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.

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