An affiliate of Mack Real Estate Group (MREG) has completed the $59 million acquisition of The Hub at Goodyear, a new, 793,862-square-foot industrial facility located in Goodyear, AZ, in a transaction arranged by CBRE. Richard Mack, CEO of MREG, made the announcement.
The Hub at Goodyear provides access to the Ports of Los Angeles and Long Beach within a six-hour drive. Located one-mile south of a full-diamond interchange at Interstate 10 and Bullard Avenue, The Hub 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.
“Logistics and distribution continue to be of the essence in an increasingly online retail economy, and we believe that well-located industrial assets like The Hub at Goodyear are poised to outperform,” Mr. Mack said. “Phoenix is an area where we expect to ramp up strategic acquisition and development activity in high quality industrial product, as well as other product types and business lines.”
Mack family businesses have been actively investing and developing industrial and office properties in Phoenix since 1987. “Our businesses are deeply rooted in Phoenix and The Hub acquisition by MREG demonstrates a renewed commitment to the market,” Mr. Mack added. “We expect to share more positive news about our Phoenix activities in the near future.”
Located at 305 South Bullard Ave., The Hub at Goodyear provides all the attributes sought by modern logistics businesses. The property 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 truck doors. The site provides parking for 192 trailers and 420 cars and offers excellent egress and ingress with access via Bullard and 143rd Avenues.
Pat Feeney, Dan Calihan, Rusty Kennedy and James Cohn of CBRE in Phoenix represented the buyer, MREG Bullard LLC dba Mack Real Estate Group of New York, and have been awarded the exclusive leasing agency for the project. Bruce Francis of CBRE Capital Markets Debt & Structured Finance arranged the acquisition financing on behalf of the buyer.
“The Hub at Goodyear caters to distribution, manufacturing and e-commerce companies looking to take advantage of all of the benefits of locating within Goodyear, including a robust labor pool, access to California and nine other major metros in the western U.S., and proximity to many of Arizona’s largest corporate tenants,” said Mr. Feeney.