Majestic Realty Co. breaks ground on two-building industrial site in southwest Phoenix
November 5, 2018 | ,
PHOENIX – Majestic Realty Co., the nation’s largest privately-held industrial developer, has broken ground on a two-building, speculative industrial project totaling more than 327,000 square feet in the Southwest submarket in the city of Tolleson, Ariz.
The Majestic Tolleson Center will be developed on a 19-acre site located west of 83 rd Avenue and south of Van Buren Street. The buildings will be constructed simultaneously with anticipated completion in August 2019. The project is being developed as a joint venture with landowners, the Sieroty Company out of Los Angeles.
With multiple projects spanning its years of development work in the greater Phoenix area, Majestic Realty is expanding its footprint in the region in response to strong market variables and a growing appetite for Class A industrial space among users with warehouse and distribution requirements in the 30,000 square foot to 225,000 square foot range.
At 103,108 square feet, Building #1 will feature 30-foot clear height and 52-foot by 50-foot column spacing, as well as 20 dock high doors, three grade-level doors, a 135-foot truck court, skylights and ESFR sprinkler system. The building will be divisible to 30,000 square feet.
Building #2 will total 224,700 square feet with 32-foot clear height, 42 dock high doors, 2 grade-level doors, a 185-foot truck court, skylights and ESFR sprinkler system. The building will be divisible to 100,000 square feet.
“Strong absorption, leasing and sales continue to drive the Phoenix industrial market,” said Brett Tremaine, Senior Vice President of Majestic Realty Co. “Coupled with our recent completion and lease up of available space in our Phoenix-area parks, we’re looking forward to expanding our footprint here and bringing this quality product to the market.”
Leasing for the Majestic Tolleson Center is being managed by Lee & Associates principals Allen Lowe and Jeff Conrad.
“This is an outstanding infill project that will cater to the needs of a wide variety of industries, including construction, household items, e-commerce, all of which are on
the rise in this market,” said Allen Lowe.
In addition to its first quarter 2018 completion of three speculative buildings ranging in size from 39,704 square feet to 85,752 square feet at its Majestic Tempe Commerce Center, the company is also looking to activate a 4.7-acre site it owns in the Papago submarket. Current plans call for delivery of a speculative 75,000- square-foot building. Majestic also has plans to commence construction on another Class-A speculative multi-tenant project in the Falcon Field submarket of Mesa, Ariz. The five-acre site will feature an 85,000-square-foot building capable of accommodating users from 20,000 square feet and above. Ground breaking is planned for this project in the first quarter of 2019.
About Majestic Realty Co.
Celebrating its 70 th Anniversary in 2018, Majestic Realty Co. is the largest, privately-held developer and owner of master-planned business parks in the United States. With more than 78-million-square-feet in its portfolio, 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.