Las Vegas — Majestic Realty Co., the largest privately held developer and owner of master-planned business parks in the U.S., has broken ground on a 295,500-square-foot speculative warehouse distribution center in Las Vegas. The property is located within the company’s Beltway Business Park, just south of the Southern Beltway, at the intersection of Jones Boulevard and Badura Avenue. The asset has the capacity for multi-tenant occupancy and is slated for completion in May 2017.
The roughly 300,000-square-foot 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 space. The new development will be adjacent to the approximately 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 an ancillary retail component. The park’s tenant roster currently includes Switch Communications, GES, NV Energy, Brady Industries and MGM, with convenient 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. 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,” Rod Martin, Majestic’s senior vice president in Las Vegas, said in a prepared statement.
The speculative construction was fueled by vacancy rates under 2 percent in the company’s 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 local market over the next few years.
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