Majestic Realty Co. on Monday announced plans to construct a 500,000-square-foot speculative industrial warehouse and distribution building in Aurora.
The company said the Class-A industrial property — at the Majestic Commercenter — is set to break ground May 1 and be completed by the end of the year, in time to help supply a growing demand for large, industrial property in the market.
Majestic said Building #28, at the intersection at Interstate 70 and Tower Road, would be the largest spec building ever constructed in the Denver area and helps break a five-year stretch in the market with no speculative construction.
“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 Randy Hertel, Majestic Realty’s senior vice president and director of development.
With 2.5 million square feet developed in the Majestic Commercenter, including 10 tenants occupying an average of more than 150,000 square feet each, the company will be adding about 20 percent to the size of its Colorado portfolio, growing its presence at its 1,000-acre master-planned park.
The company is targeting 150,000-square-foot and larger users.
Current tenants at Commercenter include GE, FedEx, CoreMark, TricorBraun, Electrolux Home Products, Ethan Allen, and Crate and Barrel.
“Majestic’s market knowledge and expertise in industrial development has proved itself time and time again, both in Aurora and across the United States,” said Wendy Mitchell, president and CEO of Aurora Economic Development Council. “We’re thrilled to know that, like us, they believe in this market and that they’re acting in a timely manner to bring the needed product to Aurora and the marketplace.”