MAJESTIC REALTY BREAKS GROUND ON 303,000 -SQUARE-FOOT INDUSTRIAL SPEC BUILDING IN HILLSBORO
by Majestic Realty Co. on 04-05-2016
Hillsboro, Ore. – In what many industry experts are calling one of the nation’s strongest and most attractive real estate development markets on the West Coast, Majestic Realty Co. broke ground this month on its latest and much-anticipated industrial building at Majestic Brookwood Business Park in Hillsboro. The planned 303,000-square-foot industrial warehouse property represents the largest speculative property to ever be constructed in Sunset Corridor. It is scheduled for completion in the third quarter of 2016.
Located at the southeast quadrant of Highway 26 and Brookwood Parkway, the mixed-use park offers immediate highway access and high street visibility.
Occupying just shy of 16 acres, Building #3 will feature 32-foot ceiling clearance, 82 dock doors, 301 parking spaces and ESFR sprinklers in Flexible M-P zoning with tax abatement opportunities. Local and state tax incentives add to the overall business package.
Majestic, the nation’s largest privately held industrial development company, purchased the 73-acre site from the Nike Foundation in 2014 and has experienced strong and growing interest in the Hillsboro site and market since that time. The developer and its project marketing team at Colliers International are hoping to have more than half of the building leased before its scheduled completion later this year.
Hillsboro, the fifth largest city in Oregon, is located 18 miles west of Portland in what is referred to as the Silicon Forest. The Majestic Brookwood Business Park features direct access to an extensive fiber network and is an ideal location for data centers and data heavy users. Submarine cable landing stations in six towns along the coast, one of which is Hillsboro, offer direct connectivity to countries in the Asia Pacific region, Alaska, Northern California, and Southern California. The area has already attracted some of the leading high tech and clean manufacturing companies in the nation. Amazon, Google, Facebook, and Apple have massive data centers in Hillsboro and tech giants, including Intel, HP, IBM, Salesforce, Oracle, and Autodesk, also have a presence there as well.
“We’re extremely excited to move into the next phase of our development at Majestic Brookwood,” said Phillip Brown, executive vice president of acquisitions and development for Majestic Realty Co. “As we take these next steps, we’re even more focused on the responsible and visionary development of a park that will serve both the short and long-term needs of our tenants and the entire community.
The new building will neighbor a 200,000-square-foot ViaWest data center, which opened its first phase in September 2015, and a 65,000-square-foot Top Golf entertainment complex scheduled to open in June 2016.
“Having available industrial space by 2016 builds the momentum at Majestic Brookwood Business Park and will continue to attract top tier companies to Hillsboro and Oregon,” said Mike Thomas, senior vice president at Colliers International.
“Due to the strong Oregon and Pacific Northwest economy, the time was right to start building,” said Mark McClung, vice president for Colliers International. “With the current activity we have on the property as well as the strong user demand, we are confident we will have the building fully leased prior to completion.”
The Majestic Brookwood Business Park could reach more than 1 million square feet of property at build out including a diverse range of amenities and service providers for the park’s workforce.
“The mixed-use plan we have in place helps ensure that our tenants and their employees will have the infrastructure and amenities needed for decades to come,” said Majestic’s Brown. “We believe in this location and we know, based on current market supply and demand, as well as strong economic indicators, that we will be able to deliver a building and a business park that is highly sought after by the larger corporate and industrial users.”
About Majestic Realty Co.
Founded in 1948, Majestic Realty Co. is the largest, privately-held developer and owner of master-planned business parks in the United States. Majestic’s approximate 78-million-square-foot portfolio provides real estate solutions for tenants large and small, creating jobs, tax revenue and community benefits across the country. Headquartered in Southern California, Majestic has regional offices in Atlanta, Dallas, Denver, Fort Worth, Las Vegas and Bethlehem, Penn.
For more information visit: http://majesticrealty.wpengine.com/projects/majestic-brookwood-business-park
for Majestic Realty Co.