Majestic Realty signs first tenant at its Badger Logistics Center in Pleasant Prairie, Wis. Additional growth anticipated in 2018
by Majestic Realty Co. on 02-27-2018
PLEASANT PRAIRIE, Wis. – With strong interest in the southeast Wisconsin industrial real estate market from a growing number of companies, Majestic Realty Co. has signed its first tenant at the Majestic Badger Logistics Center located here, and the developer is actively discussing additional agreements that will drive the park’s growth in 2018, according to company officials.
CTDI, a full-service, global engineering, repair and logistics company, has signed a long-term lease agreement to occupy 166,620 square feet of the 424,164-square-foot Building #1. Founded in 1975 and headquartered in West Chester, PA, CTDI will expand its services to the region with the addition of at least 150 new employees at the Pleasant Prairie warehouse location, adding to its more than 14,000 employees spread across 90 worldwide facilities. John Morrissey with Jackson Cross Partners in Wayne, PA. represented CTDI in the agreement. Terms of the agreement were not disclosed.
With a little more than half of Building #1 still available, Majestic is anticipating additional deals in the coming quarter not only for its available speculative space but build-to-suit opportunities for its future phase as well. Majestic has secured approvals from the Village of Pleasant Prairie to develop what would be the last large distribution facility in the area. At 804,000 square feet, the property is fully entitled and zoned for distribution services and is likely to draw strong interest from global companies looking to call Wisconsin home and service the greater Chicago region.
The divisible Building #1 has a little more than 250,000 square feet of space immediately available that includes built out speculative office space, dock equipment installed in four locations, and warehouse lighting throughout to enhance tenant move in timing. The building features 36-foot ceiling clearance, 50-foot by 52-foot bay spacing, ESFR sprinkler system, a large truck courtyard, ample trailer parking stalls with extensive trailer storage, 292 car parking spaces and build-to-suit office space.
“We’re thrilled to welcome CTDI as our first tenant in our very first Wisconsin warehouse building,” said Majestic Senior Vice President John Semcken. “This is a wonderful place to do business and the state’s financial stability, political environment and forward- thinking commitment to development and infrastructure will help pay dividends for both residents and companies for decades to come.”
Majestic, the nation’s largest privately held industrial development company, purchased the 88-acre Badger Logistics Center site in late 2012 and has experienced continually improving market conditions and interest in the project since that time. Located adjacent to the Lake View Corporate Park at 88th Avenue south of Bain Station Road, and with two direct access points to Interstate 94, the development will be comprised of two buildings totaling more than 1.2 million square feet.
“While Badger represents our first Wisconsin project to be developed, we’re excited to officially have our flag flying in this region and see this project as a stepping stone for our future growth plans in the Midwest market,” said Majestic Vice President Taylor Talt, a partner on the Badger Logistics development team. “We see this at the first of many projects that we are considering in the state as a result of the positive and highly professional experience we’ve had working with local and state officials. We’re incredibly grateful to the visionary and thoughtful leaders from the Village of Pleasant Prairie, Kenosha County, the state of Wisconsin and the Milwaukee 7 for their creative and collaborative efforts to ensure the success of our development and the future economic vitality of this entire region.”
The development site features numerous incentives including a zero percent corporate income tax, jobs and relocation tax credits, industrial revenue bonds and low interest loans. Lower labor costs are enhanced by a highly-qualified labor pool – more than 17 million people are located within a 100-mile radius – and on-site utilities also help keep expenses down.
For more information on the Majestic Badger Logistics Center, visit: http://www.majesticrealty.com/projects/badger-logistics-center
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.