California-based Majestic Realty Co. has begun building a large 1 million-square-foot speculative development in Lewisville, which could land one of the large tenants circling in the market.
Al Sorrels of Majestic is marketing the 1,022,146-square-foot speculative project at 2900 S. Valley Pkwy. in Lewisville as Majestic Airport Center DFW, which is being developed as part of a joint venture with Northwestern Mutual. Sorrels told the Dallas Business Journal he hopes to land a single user in the building, which isn’t an impossible task.
“In the past 10 years in the Dallas industrial market, we’ve seen a steady growth of 1 million square foot plus users coming into the market,” Sorrels told me. “Before that it was an anomaly. It’s not unusual now to have real million foot deals circulating in the market.”
The project, which is situated near Dallas/Fort Worth International Airport, is scheduled for completion in summer 2014.
It seems the race is on to bring speculative industrial space to market, as Atlanta-based Weeks Robinson begins its two speculative projects totaling 1.5 million square feet in Grand Prairie and Fort Worth-based Hillwood beginning two speculative projects totaling 1.3 million square feet at AllianceTexas.
Hillwood’s speculative projects were spurred by LG Electronics signing a lease for 1.2 million square feet at the master-planned community.
The developers say there’s a need for industrial space over 500,000 square feet by tenants circling the North Texas market.
Link to Original Article: Majestic begins 1M SF Lewisville industrial project