Majestic Realty Co.’s LV portfolio set to surpass 6 million SF with 330,000 SF of spec development now under construction, a 78,000 SF prelease and more buildings planned at Beltway Business Park
Majestic Realty Co.
by Press Release on 11-10-2020
LAS VEGAS – With its existing industrial portfolio pushing full occupancy, Majestic Realty Co. has begun construction on the next phase of its development at the Las Vegas Digital Exchange Campus/Beltway Business Park (LVDEC/BBP) and has pre-leased 78,000 square feet of the approximately 330,000 square foot, two-building speculative project.
Scheduled for completion in June 2021, the additional warehouse/distribution buildings will push Majestic Realty Co.’s Las Vegas industrial portfolio to more than 6.1 million square feet. The continuing expansion of buildings is the next phase of a long-term development at the 360-acre master-planned LVDEC/BBP located along the Las Vegas Southern Beltway between Jones and Decatur Blvds. and developed in partnership with Thomas & Mack Co.
The new development includes the 235,275 square foot Building #12 featuring 32-foot clearance, 49 dock high and 7 grade-level dock doors. Majestic has already signed a pre-lease agreement for 78,000 square feet with an undisclosed tenant, a strong indication of the steady and growing user needs in the southwest Las Vegas sub-market.
The 94,500-square-foot Building #11 will also offer 32-foot clearance with 28 dock high and 5 grade-level doors. Both buildings include ESFR fire protection, ample power and are divisible to 26,000 square feet. The buildings include a combined 357 automobile parking spaces and feature a 200-foot shared truck court with potential trailer storage.
“Despite the challenges thrown at us all in 2020 and the appropriate pause that was taken in some sectors, we continue to see very solid fundamentals across the broader market with a limited inventory of institutional-grade office/warehouse facilities in the submarket,” said Majestic Realty Co. Senior Vice President, Rod Martin. “We anticipate a strong response to our new spec space that will offer prominent Decatur Blvd. frontage and outstanding exposure to the Beltway, as well as easy access and close proximity to I-15, convention facilities, The Strip and McCarran Airport.”
In addition to the buildings now under construction at LVDEC/BBP, Majestic has set its sights on the next phase of its development, a three-building project that will bring online another +/-270,000 square feet.
Majestic Realty Co. is the largest, privately-held developer and owner of master-planned business parks in the United States. With approximately 87-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/Ft. Worth; Denver/Aurora; Las Vegas; Phoenix; Portland, OR; and Laredo, Texas.
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