MAJESTIC UNVEILS PLANS FOR 500,000 SQUARE FOOT SPEC BUILDING
March 4, 2013 | ,
AURORA, Colo. – Majestic Realty Co. today announced its plans to build a 500,000-square-foot speculative industrial warehouse and distribution building at the Majestic Commercenter in Aurora. Set to break ground May 1, the Class-A industrial property is scheduled for completion by the end of the year, in time to help supply a growing demand for large, industrial property in the market, according to the company.
Located at the intersection of I-70 and Tower Road, Majestic Commercenter’s Building #28, at half-a-million square feet, represents the largest spec building to ever be 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 Majestic Realty Co. Senior 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 and deliver a much needed product for the larger users.”
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 approximately 20 percent to the size of its Colorado portfolio, growing its presence and product offering at its 1,000 acre, master-planned park.
“We’re seeing continued interest and activity from companies that want to locate in a master-planned park,” said Hertel. “Working with a nationally-recognized developer like Majestic, these companies know that they will get a consistent, high-quality product in a park that can accommodate both their short-term and longer term growth.”
With limited larger, high-quality product in the market, positive absorption and single-digit vacancy rates, Majestic Realty Co. is poised to ride a wave of momentum that began in late 2011 with a 280,000-square-foot lease to GE, and continued in 2012 with a 200,000 square foot lease to Fed Ex, and nearly 500,000 square feet of lease renewals and expansions with companies including Core-Mark, TricorBraun, Electrolux Home Products, Ethan Allen, and Crate and Barrel.
Targeting the 150,000 square foot and larger user, Building #28 will feature 96 dock doors, 50-foot by 50-foot bay spacing, a 60-foot speed bay, and an ESFR sprinkler system. In addition, the 185-foot truck courtyard on both the east and west sides will provide approximately 125 spaces for trailer parking.
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 more than 300 car parking spaces.
“Majestic’s market knowledge and expertise in industrial development has proven itself time-and-time again, both in Aurora and across the United States,” said Aurora EDC President and CEO, Wendy Mitchell. “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.”
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 70-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.
for Majestic Realty Co.