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Developer nears completion of additional spec to help feed market demand
RENO, NV – March 6, 2023 – With completion of its 692,720-square-foot speculative building in the Tahoe Reno Industrial Center set for this month, Majestic Realty Co. today announced that it has signed a full building, prelease agreement with WebstaurantStore, the largest online restaurant supply store servicing professionals and individual customers worldwide. In addition, Majestic is nearing completion of its third Reno industrial project, a nearly 250,000-square-foot building that is targeted for completion in May.
WebstaurantStore will occupy the entire Majestic Reno Commercenter III (MRC III), consolidating three smaller local sites and streamlining its warehousing and distribution operations. Located at 265 Milan Drive, MRC III is the region’s newest Class-A building and features 36-foot clear height, 119 dock doors, ample trailer and auto parking, and a large truck courtyard. Brian Armon from NAI Alliance represented WebstaurantStore with CBRE’s Eric Bennett representing Majestic.
Majestic’s first local project, Majestic Reno Commercenter I (MRC I), a two-building development totaling 515,197 square feet, was also fully preleased to four tenants in mid-2022. The WebstaurantStore agreement represents one of the largest leases in the market over the past year, according to a report from NAI Alliance.
“Coupled with our two-building project in the north Valley, this new agreement pushes us over 1.2 million square feet of fully preleased Class-A manufacturing, warehouse and distribution facilities since the middle of last year,” said Majestic Realty’s John Jo. “That’s a pretty powerful endorsement of not only the strong market fundamentals, but more important, the overwhelmingly positive response to the product we are bringing to the Reno marketplace.”
The Reno Industrial market finished the fourth quarter of 2022 with strong market fundamentals, posting the thirteenth consecutive quarter of positive net absorption, according to a report from CBRE. with 9.2 million square feet currently under construction.
Three buildings totaling 1.1 million square feet of new industrial product were delivered to the East Valley and Sparks submarkets in Q4 2022. Of that total, 96% was pre-leased with the WebstaurantStore representing the largest delivery.
In what continues to be one of the fastest growing and tightest industrial markets in the country, Brett Tremaine, John Jo and the rest of the Majestic Realty development team are now laser focused on the completion of their third speculative development and the quality and quantity of potential tenants scouring the market.
“The North Valleys submarket has been on fire and we’re seeing significant rent growth driven by incredible demand,” said John Jo. “With a range of challenges facing businesses throughout California, we’re fielding RFPs from quality, institutional, investment-credit companies across the market who are taking a very strong look at the benefits of this market and the ability to service the entire west coast including California, Oregon, Idaho, Utah and Nevada.”
Located adjacent to MRC I in the North Valleys submarket, the 246,392- square-foot building is located 12 miles north of the Reno-Tahoe International Airport, eight miles north of Interstate 80 and just 220 miles east of the Port of Oakland/San Francisco. With direct access to U.S. 395/Interstate 580, the companies are within two days of delivery to an estimated 70 million people.
MRC II features features 36-foot clear height, 41 dock doors with two drive-in doors, 59 trailer parking spots, a 185-foot truck court and auto parking for 235 vehicles. The building is targeted for a June completion and will bring Majestic’s Reno portfolio to 1.5 million square feet.
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 87-million-square-feet in its portfolio including industrial, office and retail space, as well as sports, entertainment and hospitality projects, 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; Dallas/Ft. Worth and Laredo, Texas; Denver/Aurora, CO; Las Vegas; Phoenix; Portland; and Bethlehem, PA.
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Contact: Marty Schechter
for Majestic Realty Co.
303-882-4585 marty@schechterpr.com