LAS VEGAS – In what is once again a thriving southwest Las Vegas submarket, Majestic Realty Co. has broken ground on a 295,500-square-foot speculative warehouse distribution center at its Beltway Business Park located just south of the Southern Beltway at the intersection of Jones Boulevard and Badura Avenue.
A missing piece of the Las Vegas commercial real estate market from 2008-2014, speculative industrial development has emerged once again in the past 24 months. For Majestic Realty, the new construction is fueled by vacancy rates under 2 percent in its existing 5.2 million square foot Las Vegas inventory, continuing rental rate appreciation and a research-backed forecast that anticipates approximately 6 million square feet of new industrial development throughout the Las Vegas market in the next few years.
At approximately 300,000 square feet, Building #9, features 32-foot ceiling clearance, ESFR sprinkler system, 70 dock-high doors with cross-dock flexibility, and a 130-foot truck courtyard with additional land for trailer storage or surplus vehicle parking needs. Scheduled for completion in May 2017, it is divisible into multiple tenancies.
Developed in partnership with Thomas & Mack Development Group, the new building adds to the nearly 400-acre master-planned business park which, at build out, will encompass more than 5 million square feet of industrial, data center, single-story flex and office space, as well as a ancillary retail component. The park, currently home to companies including Switch Communications, GES, NV Energy, Brady Industries and MGM, provides easy access to the I-215 and I-15 freeways, McCarran International Airport and the Las Vegas Strip.
“Despite the challenges the Las Vegas market has faced for the better part of the past decade, Majestic has remained an active, financially solid and consistent force in the marketplace and, as a result, we’re very well-positioned to grow our portfolio through speculative construction of this and future facilities,” said Rod Martin, Majestic’s senior vice president in Las Vegas. “Our products are state-of-the-art industrial facilities, situated in prime locations and feature project amenities designed to serve the needs of the gaming, resort, hospitality and entertainment companies.”
Founded in 1948, Majestic Realty Co. is the largest, privately-held developer and owner of master-planned business parks in the United States with a 78 million-square-foot portfolio. The company and its subsidiaries provide solutions to real estate needs from land acquisition and development through design and construction, finance and property management. Client businesses range from small local businesses to many of the Fortune 500 companies. Headquartered in Southern California, Majestic has regional offices in Atlanta, Dallas, Denver, Fort Worth and Laredo, Texas, Las Vegas and Bethlehem, Penn.
for Majestic Realty Co.