The Mangat Group Agrees to Sell 214-Acre Buckeye Property for $29M to KORE Power Slated Energy Carbon Neutral Facility

USA - English

• USA - English

PHOENIX, Ariz., Aug. 3, 2021 /PRNewswire-PRWeb/ -- The Mangat Group, a Glendale-based land development group, has agreed to sell a desirable 214-acre property located in the city of Buckeye to KORE Power, the leading U.S.-based developer of battery cell technology for the energy storage and electric transportation industries. KORE Power intends to use the property as the location for its new KOREplex facility, the first lithium-ion battery manufacturing facility wholly owned by a U.S. company.

Tony Mangat, founder of The Mangat Group, first purchased the Buckeye property off Highway 85 in December 2020 with the hopes of finding a buyer who would use it to better the community. He partnered with Arizona Land Consulting to sell the site, which had assisted him in previous land deals throughout the West Valley. Anita Verma-Lallian, CEO of Arizona Land Consulting, later introduced Mangat to Buckeye Mayor Eric Orsborn with the hopes of entering Mangat into the KOREplex race and initially acting as the consultant on the deal to bring all the parties together.

"The Mangat Group is honored to be involved in a project that will maintain American energy independence," says Tony Mangat, founder of The Mangat Group. "I'm eager to see the Buckeye community grow over the next few years and watch Arizona advance in our renewable energy efforts."

Having worked on multiple land deals for clients over the past few years in Buckeye, Verma-Lallian shared insight with Mangat on the long-term opportunities that exist by bringing a sustainable company into the fastest growing city in Arizona, which will create multiple job opportunities for the residents of Buckeye. The city is experiencing a residential boom, and having a large employer move into the city means residents won't have to commute. Despite receiving multiple significantly higher offers from other buyers - to the tune of $41 million and $39 million - it wasn't hard for Tony to make the decision to choose a deal that was the greatest good for the community, not the best deal for his profits.

"KORE Power's investment in Buckeye to produce clean, renewable energy aligns with the City Council's sustainability goals, and our goal for significant employment opportunities for our residents," said Buckeye Mayor Eric Orsborn. "This project is not just a win for Buckeye, but for the West Valley, the State of Arizona and the clean energy industry."

Construction of KOREplex is expected to take about 18 months, which will employ up to 3,400 workers during peak construction. The company also plans to employ at least 3,000 direct full-time employees, on top of generating an additional 10,000 indirect jobs for the community.

KORE Power had been searching for a location for the new facility for the last three years and considered nearly 300 sites during a search and evaluation of the energy storage, manufacturing and electric transportation opportunities across the country.

"We needed a location for our factory that had a track record of supporting energy storage, a growing clean transportation sector, and a workforce that could deliver American-made battery technology that the supply chain so desperately needs," said Lindsay Gorrill, KORE Power CEO. "Arizona hit a home run. We're fully committed to being a cornerstone of the state's clean economy and we're proud to bring advanced cell manufacturing home to the U.S."

For more information about The Mangat Group, please visit http://www.mangatgroupinvestment.com. For more information about Arizona Land Consulting, please visit https://arizonalandconsulting.com/.

ABOUT THE MANGAT GROUP
The Mangat Group is a Glendale-based trucking company founded by Tony Mangat. With zero real estate experience, Mangat first began developing storage centers and truck stops in Arizona, as he himself is a truck driver. He was very successful and quickly began to grow his portfolio, now owning roughly 1,000 acres in the Phoenix metro area. He is a philanthropist and is passionate about giving back to his community.

ABOUT ARIZONA LAND CONSULTING
Arizona Land Consulting is a Phoenix-based land investment and consulting company that specializes in commercial real estate, founded by Anita Verma-Lallian. You can view more information at https://arizonalandconsulting.com/.

Media Contact

Lisa Sass, Serendipit Consulting, 9095199171, [email protected]

SOURCE The Mangat Group