AURORA, Colo. – With new lease agreements in place for nearly 300,000 square feet of its most recent half-million-square-foot speculative property, Majestic Realty Co. today announced plans to build a 452,400-square-foot sister speculative industrial warehouse and distribution facility at its Majestic Commercenter. Set to break ground in April, Building #29 is a Class-A industrial property scheduled for completion by Nov. 1, in time to help meet anticipated market demands in late 2015 and early 2016, according to the company.
Coupled with a continuation of favorable market conditions, including historically low industrial vacancy rates, the lease agreements were driving factors in Majestic’s decision to move ahead with what will be one of the top five largest speculative properties constructed in the market.
Located at the intersection of I-70 and Tower Road, Majestic Commercenter’s Building #29 will be constructed on a little more than 22 acres and feature 32-foot minimum clearance, 96 dock-high doors with either single-side or cross-dock loading, 50-foot by 52-foot bay spacing, a 60-foot speed bay, ESFR sprinkler system, 116 trailer parking spaces, skylights and build-to-suit office space.
“We’ve taken a very close look at local and national market conditions, vacancy and absorption rates, product supply and the success we’ve had providing large, high-quality, high-cube industrial space that is the best in the market,” said Majestic Realty Co. Executive Vice President and Director of Development, Randy Hertel. “We’re excited about the opportunity to continue that momentum in our park and we strongly believe that now is the time to bring the space to the market in anticipation of our growth late this year and into 2016.”
Enhancing the full function of the property, the building design and construction by Commerce Construction Co. will feature east and west loading areas to minimize any weather conditions. Prime, glass-front office areas at all four corners provide for excellent divisibility, and the site provides 375 car parking spaces.
Lease Agreements Help Drive New Spec Property:
Majestic’s recent long-term lease agreements with Fresca Foods (158,000 square feet, signed in April 2015) and Niagara® Bottling (132,000 square feet signed in Jan. 2015) consume a majority of the Commercenter’s 500,000-square-foot Building #28. The remaining 210,000 square feet of available space can be divided into 118,000-square-foot and 92,000-square-foot units.
Founded in 2003, Colorado-based Fresca Foods has been operating a warehouse and distribution facility at Majestic Commercenter for the past three years. The new lease in Building #28 allows the company to double its operations as it continues to grow business partnerships and national food brands such as Larabar, sold to General Mills in 2008, White Girl Salsa, 34 Degrees, Rocky Mountain Popcorn and Love Grown Foods.
Family owned and operated since 1963, Niagara® Bottling is the largest private label
bottled water supplier in the U.S. and an industry leader in product innovation and environmental sustainability efforts. Its bottling operations are just a few miles from the Majestic Commercenter allowing for additional operational efficiencies.
“Working in tandem with our tenants to meet their needs for growth and expansion in existing parks or deliver the warehouse and distribution product needed in regional markets, that’s what Majestic Realty has delivered to our expanding list of clients over the past 67 years through our portfolio development philosophy,” said Hertel.
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 74-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, Las Vegas and Bethlehem, Penn.