Signaling renewed interest in the local commercial real estate market and the promise of new jobs in the San Gabriel Valley, Majestic Realty Co. today announced it broke ground June 10th on a 300,000-square-foot building, located in the Grand Crossing industrial center. This marks the company’s first new start construction since 2008.
Located at 179 S. Grand Ave., the spec building (also known as “Grand Crossing Building 11”) will feature 32-foot ceiling clearance and an extremely large yard area, making it ideal for an industrial tenant seeking access to local freeways and ports, explained Hank Darnell, vice president of Majestic Realty Co. The building will be completed in mid-Feb. 2012.
“With renewed interest in commercial and industrial property in the area, Majestic is bullish on the recovery of our region and we are moving forward with construction on Building 11 at Grand Crossing,” Darnell said. “We anticipate strong interest from prospective tenants looking for a prime location in the San Gabriel Valley.”
The groundbreaking comes as the region is seeing a reversal of the job-loss trend, with some 5,000 new jobs anticipated in the San Gabriel Valley in 2011. In her May 31, 2011 column in the San Gabriel Valley Tribune, Cynthia Kurtz of the San Gabriel Valley Economic Partnership said the expected job growth represents “A small increase of 0.07 percent, but a beginning.” She concluded, “The full recovery is taking a longer time to arrive in many parts of Los Angeles County including our Valley, however, the numbers suggest it is on the way.”
Founded in 1948, Majestic Realty Co. is one of the nation’s oldest and largest privately held real estate firms, with an office, retail and industrial portfolio totaling approximately 70 million square feet nationwide. The Southern California-based company is a diversified real estate developer specializing in the planning and development of premier master planned business parks and retail centers.
Headquartered in City of Industry, CA, Majestic Realty also has offices in Atlanta, GA; Bethlehem, PA; Dallas, TX; Denver, CO, and Las Vegas. NV. For information or leasing opportunities, visit www.majesticrealty.com.