Majestic Realty breaks ground on largest speculative industrial building in the region following 200k lease at its Port Grande Logistics Port
Majestic Realty Co.
by Press Release on 01-24-2019
423,280-square-foot warehouse set for completion in early Q4 2019
LAREDO, Texas – With a 200,000-square-foot lease signed and full occupancy of its initial building in the Port Grande Logistics Port, Majestic Realty Co. has broken ground on the region’s largest speculative industrial building. Set for completion in Q4 2019, Majestic Realty is constructing a 423,280- square-foot building at the park in response to the strong bilateral trade environment and demand from a growing list of national and international companies.
Earlier this month, Source Logistics, a logistics and supply chain provider to a wide range of retail and e-commerce companies took occupancy of the 200,000 square feet of remaining space at Majestic’s 366,000-square-foot Building #1. Source Logistics was represented by Trace Elrod of Jackson Cooksey, and Majestic Realty Co. was represented by Carlo Molano of Forum Commercial. Terms of the long-term lease agreement were not disclosed.
Combined with an initial lease of more than 166,000 square feet to an international automotive industry tenant, the two agreements represent what company officials believe to be the largest absorption of spec space along the U.S. Mexico border.
The scenario has spurred the developer to break its own speculative development record in the market with the groundbreaking of the more than 423,000-square-foot Port Grande Building #2 earlier this month.
“With no modern bulk, Class-A warehouse space available, we’re creating space opportunities for tenants that may have never been able to consider Laredo, Texas as an expansion location. We are doubling down on our bullish outlook for Laredo and the region,” said Majestic Realty Co. Senior Vice President Kyle Valley.
Building #2, located at 1402 Carriers Drive, has already received a strong level of interest, according to Valley. The building will feature 32-foot ceiling clearance, 120 dock-high doors, 4 ground level doors, a large, secured truck courtyard, 242 trailer parking spaces and 208 automobile parking spaces.
Located just east of I-35 with access from Uniroyal and Carriers Drive, Port Grande is 10 miles from the Port of Laredo commercial border crossings where approximately 60 percent of all trade between U.S. and Mexico occurs, according to company officials.
“With two distinguished tenants absorbing Building 1, it’s affirmed that there is a need for quality product with building features that have not been delivered into the market before. Port Grande is proving itself as the premiere logistics park in the region.,” added Valley.
In addition, Port Grande Logistics Port provides immediate access to Union Pacific Intermodal and offers gated and secured buildings up to 2 million square feet in size providing local, national, and multi-national users the facilities required to support U.S. Mexican trade flow at the nation’s number one inland port.
Majestic Realty Co. completed the acquisition of the 2000-acre Port Grande land site from a subsidiary of Mercedes-Benz in 2015. Long-term plans call for Majestic to fully redevelop the site with modern warehouse distribution space to support the growing international flow of commerce between Mexico and the United States. Laredo is the nation’s third largest customs district with annual U.S-Mexico trade totaling $274 billion.
Majestic Realty Co. is the largest, privately-held developer and owner of master-planned business parks in the United States. Having developed approximately 100-million-square-feet of industrial properties, Majestic 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, Bethlehem, Penn., Dallas, Denver, Fort Worth and Laredo, Texas, Las Vegas and Phoenix, Ariz.