An international trade and logistics services firm signed a massive lease at Laredo’s largest single-tenant warehouse, which has been occupied by Mattel Inc. for more than 20 years.
The Jamco Group, based in Laredo, signed a 500,000-square-foot lease for the facility in Killam Industrial Park where it will begin operations June 1, boosting its footprint in the region to 750,000 square feet. Carla Molano, managing principal for Forum CRE, represented Jamco in the agreement.
“We have seen exciting growth in the last few years, and this move allows us to take on the quality space we need to manage finished-goods distribution for one of our key customers,” said Rahul Oltikar, chief operating officer for The Jamco Group, in a prepared statement.
The facility was built for Mattel in 1999 and has since been utilized as a warehouse and outlet store for the toymaker. Mattel will vacate the property in May.
The building’s owner, Majestic Realty Co., owns several of the largest buildings in Laredo, including the 2,000-acre Port Grande logistics park where it is working on a public-private partnership with the City of Laredo and Webb County for 14 million square feet of future development.
“This is more evidence of the ever-growing need for large warehousing distribution space in Laredo that will lay the path for the city to outcompete other larger metro areas for this type of long-term economic growth, job creation and tax base,” said Kyle Valley, senior vice president for Majestic Realty Co., in a news release.