Majestic Realty Co. signs two new tenants, accelerates 2018 development plans in Las Vegas
by Michael Realty Co. on 11-06-2017
LAS VEGAS – With a majority of its newest industrial building leased upon completion of construction and strong activity on the remaining available space, Majestic Realty Co. is planning the next phase of development at its Las Vegas Digital Exchange Campus/Beltway Business Park (LVDEC/BBP) in 2018.
Pilot Air Freight, a full-service global transportation and logistics company with more than 75 locations throughout North America, has signed a long-term lease for 68,950 square feet of the recently completed Building #9. Spencer Pinter with Colliers International represented Pilot Air Freight. Also in Building #9, Majestic signed a 98,500-square-foot lease with Advantage Warehousing and Logistics, a third party logistics company with existing operations in other Majestic Las Vegas developments as well.
Both companies will move into the park before year end adding to a tenant list that includes Switch Communications, GES, NV Energy, Brady Industries and MGM.
The remaining 128,000 square feet of Building #9, divisible to approximately 30,000 square feet, is immediately available and features 32-foot interior 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.
The LVDEC/BBP, developed in partnership with Thomas & Mack Development Group, is a nearly 360-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. Located just south of the Southern Beltway near the intersection of Jones Boulevard and Badura Avenue, LVDEC/BBP tenants enjoy easy access to the I-215 and I-15 freeways, McCarran International Airport and the Las Vegas Strip.
For Majestic Realty, plans for future phases of development, including speculative and build-to-suit opportunities, are fueled by 100 percent occupancy of its existing 5.2-million-square-foot Las Vegas inventory, as well as continuing rental rate appreciation. The research-backed forecasts anticipate approximately 6 million square feet of new industrial development throughout the Las Vegas market in the next few years.
“Notwithstanding the challenges faced by the Las Vegas commercial real estate market for the better part of the past decade, Majestic has remained an active, financially solid, consistent force in the marketplace and, as a result, we’re very well-positioned to accelerate the growth of our portfolio through speculative construction of our facilities,” said Rod Martin, Majestic’s senior vice president in Las Vegas. “Our industrial projects are state-of-the-art warehouse facilities, situated in prime locations and feature project amenities designed to serve the needs of the gaming, resort, hospitality, convention services and entertainment companies, as well as the traditional warehousing and distribution oriented 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 an 83 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.