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Mack Real Estate Group, with Willmeng Construction as general contractor, is developing Mack Innovation Park Scottsdale (MIP Scottsdale), a 1.2 million-square-foot industrial project in Scottsdale. The team has started vertical construction of the 305,400-square-foot Phase I of the project.

Phase I of MIP Scottsdale will consist of two buildings with 32-foot clear heights, 53 dock-high doors, 20 grade-level doors and 516 parking stalls. Financing for the project includes $43 million in first mortgage construction debt provided by Bank OZK, and $19.8 million in construction mezzanine financing provided by PGIM Real Estate. Lenga Partners, a Chile-based real estate investment firm, is Mack’s equity joint venture partner in the project.