AURORA, Colo. – Fueled by a continuation of favorable local and national market conditions, including historically low vacancy rates, as well as a pre-lease of a 452,400 square foot building to Amazon earlier this year, Majestic Realty Co. today announced plans to build what will be the largest, single-phase speculative industrial development in the state’s history, according to industry experts.
The developer will break ground at its Majestic Commercenter early this fall on three speculative industrial warehouse and distribution buildings totaling 834,580 square feet. Completion of the three properties is anticipated for summer 2017 and will bring the Majestic Commercenter portfolio to nearly 4.2 million square feet with strong occupancy and tenant retention across its 17 buildings.
Buildings #1, 4 and 5, all Class-A industrial properties, will be 523,260 square feet, 154,320 square feet and 157,000 square feet, respectively. Building #1 will represent the metro-area’s largest single speculative warehouse ever constructed, exceeding Majestic’s 500,000-square-foot spec Building #28 completed in 2014.
Building #1, designed for the 150,000 square foot and larger user, will feature 36-foot ceiling clearance, while the two additional buildings, designed for the 30,000 – 80,000 square-foot user, will each have 32-foot minimum clearance. In addition, each building will feature maximum bay spacing, dock doors, trailer parking and build-to-suit office space.
“A big part of being a master-planned business park is the ability to deliver overall flexibility in our structure to meet the diverse size of users and their needs in this market,” said Majestic Realty Co. Executive Vice President and Director of Development, Randy Hertel. “We’ve seen a lot of activity in that 30,000 to 80,000-square-foot user, as well as the larger industrial tenants, and our park layout and available land put us in a great position to deliver a wide range of non-competing product options for the small, medium and large user.”
In addition to the Amazon lease agreement, Majestic expanded its Commercenter footprint to beyond 1500 acres with the November 2015 acquisition of 530 acres of land adjacent to its existing park. The move allows Majestic to meet the growing e-commerce center demand in the Denver/Aurora market with users often requiring buildings in excess of 1 million square feet.
“We’ve enjoyed some tremendous success with our most recent buildings and a significant land acquisition,” added Hertel. “We’re excited about the opportunities our park provides to diverse users and we’re confident in our timing to bring the space to the market in anticipation of continued growth late this year and into 2017.”
Majestic Realty Co.
Founded in 1948, Majestic Realty Co. is the largest, privately-held developer and owner of master-planned business parks in the United States. Majestic’s 78-million square-foot portfolio provides real estate solutions for tenants large and small, creating jobs, tax revenue and community benefits across the country.
Headquartered in Southern California, Majestic has regional offices in Atlanta, Dallas, Denver, Fort Worth and Laredo, Texas, Las Vegas and Bethlehem, Penn.
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