Majestic Realty Co. goes inside Loop 202 with Latest acquisition and planned Development
by Majestic Realty Co. on 12-04-2019
Additional projects on schedule for year-end completion as developer expands its metro footprint
PHOENIX – Just weeks away from the much-anticipated opening of the Loop 202 (South Mountain Freeway), Majestic Realty Co. announced today its acquisition and planned development of one of the last infill parcels of land in the southwest Phoenix submarket. The 30-acre site, located at the intersection of 55th Avenue and the lower Buckeye 202 off-ramp will be home to a more than 502,000-square-foot speculative industrial building scheduled to break ground in the first quarter of 2020, according to company officials.
Strategically located inside the Loop 202, the Majestic 55 development will bring state-of-the-art warehouse/distribution amenities not typically seen in properties located within this built-out submarket. Divisible to as many as six users, the building will offer 36-foot clear heights, cross-dock loading, a secure truck courtyard with 138 trailer parking spots and additional parking for automobiles. With anticipated completion in January 2021, the location will provide direct highway access and high visibility for building users.
“This was a very unique, timely opportunity for us to secure a highly-valued infill land site on which we can deliver a state-of-the-art, multi-tenant facility,” said Majestic Realty Co. Senior Vice President, Brett Tremaine. “Being on the inside of the Loop, our future tenants will have a tremendous advantage in serving their customers in the east and west valley and throughout the region with a much-needed alternative to the I-10 through downtown. Due to our one-of-a-kind location and planned features, we’ve already had interest from users ranging from full building to smaller sizes.”
Built out over the past three years, Loop 202 adds 22 miles of freeway to the existing Phoenix metropolitan transportation system, connecting the east and west valley while delivering much needed relief to existing freeway corridors and local streets.
Majestic 55 will be located just a few short miles east of the Majestic Tolleson Center, a two- building, speculative industrial development totaling more than 327,000 square feet. The development is on schedule for completion by year-end with a 57,000-square-foot prelease to an undisclosed tenant.
Majestic Tolleson Center includes the 103,108-square-foot, Building #1 featuring 30-foot clear height, 52-foot by 50-foot column spacing, as well as 20 dock high doors, three grade-level doors, a 135-foot truck court, skylights and ESFR sprinkler system. The building is divisible to 30,000 square feet.
Building #2 totals 224,700 square feet with 32-foot clear height, 42 dock high doors, 2 grade-level doors, a 185-foot truck court, skylights and ESFR sprinkler system. The building is divisible to 100,000 square feet.
Also on schedule to complete by year end is a Class-A speculative multi-tenant project in the Falcon Field submarket of Mesa, Ariz. The five-acre site will feature an 85,000-square-foot building capable of accommodating users from 20,000 square feet and above.
“These are well positioned locations that allow us to continue to expand our footprint throughout the Phoenix metro area and deliver a product that meets the needs of a wide range of users,” added Tremaine. “Strong leasing activity and sales continue to drive net absorption across the region. Coupled with the investment in the transportation infrastructure, we continue to be very bullish on Phoenix and its long-term industrial market strength.”
Finally, Majestic acquired an additional site in the Falcon Field submarket earlier this year and is currently working through its design and construction planning phase for a 150,000 square-foot, two-building site with a smaller, multi-tenant focus consistent with the needs and use throughout this submarket. The project could break ground in early 2020.
About Majestic Realty Co.
Majestic Realty Co. is the largest, privately-held developer and owner of master-planned business parks in the United States. With approximately 84-million-square-feet in its portfolio, 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, PA, Dallas, Denver, Las Vegas, Phoenix, AZ, Fort Worth and Laredo, Texas.