Majestic Realty to break ground on much anticipated 424,164-square-foot spec building in Pleasant Prairie, Wis
May 5, 2016 | ,
PLEASANT PRAIRIE, Wis. – With continued strength in the industrial real estate market and growing demand from large-scale users across the Greater Chicago Region, Majestic Realty Co. will officially begin development of a 424,164-square-foot speculative industrial building at its Majestic Badger Logistics Center with a groundbreaking ceremony May 6. Majestic, the nation’s largest privately held industrial development company, purchased the site in late 2012 and has experienced continually improving market conditions and interest in the site since that time.
Located adjacent to the Lake View Corporate Park at 88th Avenue south of Bain Station Road, and with two direct access points to Interstate 94, Majestic’s 88-acre site received late April approval from the Village of Pleasant Prairie Plan Commission for the development of two buildings totaling more than 1.2 million square feet.
Building #1, divisible for as many as four tenants, will feature 36-foot ceiling clearance, 50-foot by 52-foot bay spacing, ESFR sprinkler system, a combined 370-feet of truck courtyard, 111 trailer parking stalls with extensive trailer storage, 292 car parking spaces and build-to-suit office space. In addition, the property has redundant water capacity up to 7 million gallons per day.
“We’re extremely excited to move forward on this building and be able to take full advantage of the construction development window that will allow us to deliver a Class A product in 2016 to help meet the growing interest and demand in this impressive region,” said Majestic Senior Vice President John Semcken.
The development site features numerous incentives including a zero percent corporate income tax, jobs and relocation tax credits, industrial revenue bonds and low interest loans. Lower labor costs are enhanced by a highly-qualified labor pool – more than 17 million people are located within a 100-mile radius – and on-site utilities also help keep expenses down.
“The greater Chicago industrial market is a prime location for us going forward and this development will offer our tenants remarkable access to a key business region in an extremely business-friendly environment,” said Semcken.
The Majestic Badger Logistics Center is just 40 minutes from Chicago’s O’Hare Airport and 25 minutes from Milwaukee’s Mitchell International Airport.
With nearly 70 years of real estate development experience in some of the country’s biggest markets, Majestic executives point to the strength of local, county and state leaders in Wisconsin as the foundation of its excitement for both the Majestic Badger Logistics Center and other potential projects in the state.
Majestic Vice President Taylor Talt, another partner on the project development team, said, “From Village of Pleasant Prairie Development Director, Jean Werbie-Harris to Kenosha County Executive Jim Kreuser, as well as the entire Wisconsin Economic Development Corporation and its business and elected leaders, we’ve been fortunate to work with professionals who understand the business and overall economic opportunities that exist and who have the vision and skills to implement a mutually-beneficial and business friendly plan.”
“While this represents our first Wisconsin project to be developed, we clearly view this as a stepping stone for our future growth plans in the Midwest market,” he added. “We see this at the first of many projects that we are considering in the state as a result of the positive and highly professional experience we’ve had working with local and state officials.”
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.