Majestic Realty Partners With Union City and State Officials for Kraft building; Opportunity Zone Program a Key Factor in Attracting Corporations and New Jobs
Majestic Realty Co.
by Press Release on 12-16-2009
Nearly One Million Square Foot Build-to-Suit for Kraft Foods is Southeast’s largest deal in more than a Year
UNION CITY, Georgia – Majestic Realty Co., a privately held real estate development company working in cooperation with city and state officials, has signed an agreement to complete a nearly 1 million square foot build-to-suit warehouse and distribution facility here for Illinois-based Kraft Foods Company, the world’s largest food company.
The agreement is the culmination of a cooperative and well-executed effort by officials from Union City, the governor’s office and the State’s Department of Community Affairs, whose creative job-tax credit plays a key factor in attracting major businesses and jobs to cities such as Union City, according to Majestic Realty Senior Vice President, Stan Conway.
It is the largest commercial real estate transaction to be completed in the region in more than a year and follows on the heels of a 155,000 square-foot build-to-suit that broke ground at MAC III this summer for Dendreon, a biotechnology company focused on cancer research.
Together, the two deals will bring nearly 1,000 jobs to the community thanks in large part to State’s Opportunity Zone designation which played a key factor in attracting and securing the companies and ultimately creating and securing jobs for Georgia residents at a time when job retention, let alone job creation, has been suffering.
“This deal is simply not done without the tremendous efforts and care by so many people, starting with Union City Mayor Ralph Moore and on up through Governor Sonny Purdue,” said Majestic Realty’s Stan Conway. “In addition, Mike Beatty and his state Department of Community Affairs were instrumental in making this vision a reality for everyone involved – creating jobs for people who need it more than ever.”
Scheduled to break ground in January 2010, the 980,000-square-foot Kraft Foods facility will be constructed at Majestic Airport Center III (MAC III), a 192-acre, master-planned industrial business park located just a few miles south of Atlanta Hartsfield-Jackson International Airport. MAC III offers frontage access to Interstate 85 and opens interstate transportation lines to the entire Southeast. The building is scheduled for completion in Fall 2010.
“We are delighted to welcome Kraft Foods to Union City,” said Mayor Ralph Moore. “And we congratulate Majestic Realty for another major development here. We’re focusing on making Union City the best place to do business, create new jobs, and to take advantage of our excellent location and proximity to the busiest airport in the world. Georgia’s Opportunity Zones and a tax-allocation district offer powerful incentives for businesses to locate here and create new opportunities for our residents. But it is by focusing on public safety and keeping taxes low that we’ll continue to keep the business climate fertile in Union City. Even in the midst of an economic recession, we will marshal our resources to foster a positive business climate that benefits the residents of our city and region.”
The property will feature LEED-certified and sustainable amenities that are unmatched in food distribution facilities anywhere, according to Conway. Kraft Foods was represented by Chris Porter of Cushman & Wakefield Chicago, as well as Ray Stache and Beth McClurg in Atlanta.
“With state-of-the-art cooler and freezer systems, dry food storage, an opportunity for future expansion on either side of the property and a strong transportation hub location, this facility will set the bar very high for the warehouse and distribution industry and, in particular, for food service companies,” added Majestic’s Conway.
The Kraft Foods and Dendreon build-to-suit projects will occupy approximately 50 percent of MAC III’s available land for development. Four additional pad sites have been graded and are available for construction, according to Conway who is a Majestic Realty partner for the development.
“We are honored to have the opportunity to work with Kraft Foods and the outstanding leaders in this Union City community and our state leaders as we continue to develop this site and create jobs in this community,” said Conway. “We’ve enjoyed an active and mutually beneficial working relationship with Union City since the start of our first development project here more than four years ago, and we look forward to fostering this relationship and successful partnership with the city, its residents and other businesses in the years ahead.”
About Majestic Realty Co.
Founded in 1948, Majestic Realty Co. is one of the nation’s oldest and largest privately held real estate firms, with an office, retail and industrial portfolio totaling approximately 70 million square feet. The Southern California-based company is a diversified real estate developer specializing in the planning and development of premier master planned business parks and retail centers. Headquartered in City of Industry, Majestic Realty also has offices in Atlanta, Bethlehem, Penn., Dallas, Denver and Las Vegas. For information or leasing opportunities, visit www.majesticrealty.com.