FOR IMMEDIATE RELEASE
Majestic Realty expanding footprint in Portland region with new spec development, build-to-suits, leases and land acquisitions
PORTLAND METRO, OR – With a flurry of activity in 2018, Majestic Realty Co., the nation’s largest, privately held industrial developer, continues to expand its footprint in the Portland region with a diverse range of industrial and retail development projects that include new speculative development, build-to-suit opportunities, lease ups and new land acquisitions.
“We’re incredibly proud of the success and growth we’ve been able to achieve throughout the Portland metro area since 2014 when we acquired what is now the Majestic Brookwood Business Park,” said Phillip Brown, executive vice president of acquisitions and development for Majestic Realty Co. “As we continue our growth in this region, we’re even more focused on the responsible and visionary development of each of our projects and we’re working to ensure that we serve both the short- and long-term needs of our tenants and the entire community.”
With walls fully tilted in December 2018, the company’s latest project, Majestic Tualatin Business Center, a 226,960-square-foot logistics facility is on target for early Q2 completion. Located at 21409 SW 115th Ave. in the heart of the high-demand I-5 Corridor South submarket, the building will offer 32-foot clear height, 39 dock-high loading doors, a large truck courtyard with 38 trailer parking stalls, 128 car parking stalls with room for expansion, ESFR sprinkler system and ample office space designed to fit tenant needs. The property is divisible to +/- 55,000 square feet.
“MTBC is the largest speculative industrial building to be built in the submarket in many years and is being met with a tremendous amount of interest and activity. With a lack of inventory of available space over 100,000 square feet and strong demand in the submarket, we’re expecting a short lease up period.” said Steven Klein, senior vice president and managing partner of Kidder Mathews who, along with his partner, Senior Vice President Peter Stalick, is marketing the project with Majestic Realty.
Hillsboro footprint expands with land acquisition
In addition, Majestic Realty Co. has acquired a 45.6-acre parcel of land directly adjacent to its now fully-developed Majestic Brookwood Business Park. Located at the southwest corner of Brookwood Parkway and Huffman Street, Majestic Brookwood Business Park II offers build-to-suit or ground lease opportunity in a planned three-building site for users starting at 162,000 square feet, up to 795,000 square feet.
The high identity corridor location offers direct access to the Sunset Highway (26) via Brookwood Parkway, 32-foot to 36-foot ceiling clearance, cross-dock loading and an extensive on-site fiber optics network.
Rounding out the development of its highly popular Majestic Brookwood Business Park, the company began construction on Lot 2, a 6.28-acre retail center featuring a Hyatt House, Starbucks and 7/11. With some small additional opportunities available, Lot 2 represents the last component of the Majestic Brookwood Business Park which was acquired in 2014 and is home to TopGolf, DB Schenker, Rosendin Electric, Amazon, and Flexential (formerly ViaWest) with Hyatt House, 7-11 and restaurants under development.
Hillsboro build-to-suit completed for UPS
Also in 2018, Majestic Realty completed a 207,053 square foot build-to-suit sortation facility for UPS. Originally planned as a two-building spec project, UPS approached Majestic Realty during the design phase to build the entire site for their needs. Eighteen months later, Majestic Realty entitled and built the UPS sorting facility scheduled to open in Q2 2019.
Portland retail site complete
Finally, Majestic completed construction this year on its Majestic Alberta Commons, a 25,000-square-foot retail center in Portland featuring anchor, Natural Grocers.
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. In 2017, Majestic Realty Co. expanded its long-standing commitment to the Pacific Northwest region with the opening of an office in Hillsboro, OR, just outside of Portland.