Majestic Realty Co. signs three new leases in southwest Las Vegas submarket
June 6, 2018 | ,
LAS VEGAS – With three new lease agreements at its Las Vegas Digital Exchange Campus/Beltway Business Park (LVDEC/BBP), taking both its current warehouse inventory in the park and throughout the 5.6 million-square-foot Las Vegas portfolio to full occupancy, Majestic Realty Co. will break ground on a nearly 230,000-square-foot speculative property, according to company officials.
Set to break ground this July at the intersection of Decatur Blvd. and the Las Vegas Southern Beltway, Majestic Realty Co.’s 227,350-square-foot Building #10 is scheduled for completion in Q1 2019. A part of the 360-acre master-planned LVDEC/BBP, developed in partnership with Thomas & Mack Development Group, the new multi-tenant building will accommodate a variety of office/showroom/warehouse uses and will feature 28-foot clearance, ESFR fire protection, dock high and grade-level dock doors, and extensive parking for vehicles and/or trailer storage. The building will be divisible to 25,000 square feet.
“We’re pleased with the successes we’ve had with our recent projects and look forward to the ongoing opportunities to expand our portfolio and serve a strong and growing list of tenants in the southwest submarket,” said Majestic Realty Co. Senior Vice President, Rod Martin. “Growing companies are experiencing limited product inventory and continuing rent growth in the submarket and, as a result, we anticipate a strong response to our new space that will feature prominent Decatur Blvd. frontage and outstanding exposure to the Beltway, as well as easy access to I-15, convention facilities, The Strip and McCarran Airport.”
The decision to move forward with speculative construction of the next phase of development at LVDEC/BBP was sealed when Majestic secured three new lease agreements totaling just over 128,000 square feet at Building #9 in the park. In all, it took less than six months to complete the full lease up of the nearly 300,000 square-foot speculative project.
The three new lease agreements include:
- 68,950 square feet with Willwork, Inc., a nationwide exhibit and event services company, which is expanding and relocating its Las Vegas operations and proximity to the convention facilities (Eric Larkin and Mike Kenny of NAI Vegas represented Willwork);
- 35,550 square feet with Shaw Industries, Inc., a relocation and expansion move for the world’s largest carpet manufacturer (CBRE brokers Tyler Ecklund and Jeremy Green represented Shaw); and
- 23,550 square feet with Breakers Unlimited, Inc. for the relocation and expansion of the electrical wholesale and distribution company (Bruce Familian, Familian Realty Group Inc. represented Breakers).
These companies join fellow Building #9 tenants, Pilot Air Freight, a full-service global transportation and logistics company, and Advantage Warehousing and Logistics, a third party logistics company. Additional LVDEC/BBP tenants include Switch Communications, GES, NV Energy, Brady Industries and MGM.
“We’re extremely proud to both welcome and grow with these companies in our portfolio,” said Majestic’s Martin. “These leases launch relationships with new tenants that have growing operations and confirms that our research, experience and calculations for the market’s needs were spot on. These plus/minus 50,000-square-foot users continue to fuel the core hospitality, travel and tourism engine of the Las Vegas Resort Corridor.”
With 100 percent occupancy in its existing 5.6 million-square-foot Las Vegas portfolio, Majestic officials say they are also evaluating an accelerated timeline for additional speculative construction, as well as the potential for build-to-suit opportunities as the park expands its footprint.
The LVDEC/BBP, at build out, will encompass more than 5 million square feet of industrial, data center, single-story flex and office space, as well as an ancillary retail component.
About Majestic Realty Co.
Celebrating its 70th Anniversary in 2018, Majestic Realty Co. is the largest, privately-held developer and owner of master-planned business parks in the United States. With more than 78-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, Penn., Dallas, Denver, Fort Worth and Laredo, Texas, Las Vegas and Phoenix, Ariz.