JLL Capital Markets arranges financing for 584,665 SF of new buildings within a 2.6 million SF development
PHOENIX, (Sept. 18, 2025) – JLL Capital Markets announced today that an affiliate of Mack Real Estate Group (MREG) has secured $89.25 million in financing for Mack Innovation Park Deer Valley Site C, consisting of four buildings comprising 584,665 square feet of industrial logistics space in Phoenix's coveted Deer Valley submarket.
JLL arranged the financing, provided by MetLife Investment Management, on behalf of MREG.
Site C comprises a portion of the first three phases of Mack Innovation Park Deer Valley, which total 1.3 million square feet of light industrial buildings. Mack Innovation Park Deer Valley can accommodate a total of 2.6 million square feet of industrial space at full buildout. The park is strategically positioned to capitalize on demand for newly constructed industrial space from distribution, warehousing, or manufacturing users, including suppliers to Taiwan Semiconductor Manufacturing Company’s (“TSMC”) $165 billion advanced semiconductor fabrication facility, as well as other users within the Phoenix valley.
“We are thankful to the team at JLL. They are well-tuned to the strength of demand in North Phoenix, driven in large part by TSMC, and played an important role in our success here,” said Richard Mack, CEO of MREG. “Further, we deeply value this extension of our relationship with MetLife Investment Management and appreciate their continued confidence in MREG and in the Deer Valley market.”
Completed in the second quarter of 2024, the Site C facilities feature state-of-the-art specifications including 24-foot to 32-foot clear heights, 114 dock-high doors, 30 grade-level doors and 838 auto parking spaces. Site C has attracted a diverse tenant base spanning technology, consumer products, logistics and manufacturing sectors. Mack Innovation Park Deer Valley benefits from its location at Pinnacle Peak Rd. and 7th Ave., which provides superior regional connectivity through Loop-101, Interstate 17, Highway 51 and Loop-202. The facility offers single-day drive access to Los Angeles, San Diego and Las Vegas, and sits just 0.1 miles from Deer Valley Airport, 12 miles from Scottsdale Airport and 18.3 miles from Phoenix Sky Harbor International Airport.
In addition to Mack Innovation Park Deer Valley, MREG’s Phoenix market investments currently consist of Halo Vista, the 2,300-acre master-planned development adjacent to TSMC; Mack Innovation Park Scottsdale, a 1.2 million square foot industrial project; and over 900 units of multifamily and single-family rental projects in various stages of pre-development, development and operation.
The JLL Capital Markets Debt Advisory team was led by Senior Director Jason Carlos, along with Analysts Frank Choumas and Lilley Kroll.
"The competitive terms achieved in this transaction are a direct result of the exceptional product that Mack Real Estate Group delivered at Mack Innovation Park Deer Valley," said Carlos. "Deer Valley is one of the most in-demand submarkets due to its proximity to TSMC, and this property is well-positioned against the competition as demonstrated in its accelerated lease-up."