RENO, NV – Aug. 19, 2022 – Preleases for MRC I drive Majestic Realty’s plans on additional projects. With its first industrial development in the Reno market fully pre-leased, Majestic Realty is moving forward with two new development projects within the booming Reno market. Upon completion, all three projects will total 1.5 million square feet of new Class-A distribution and manufacturing space.
Majestic’s first local project, Majestic Reno Commercenter I, is a two-building development totaling 515,197 square feet that has been fully pre-leased to two tenants in Building 1, which encompasses 269,843 square feet (9499 N. Virginia), and two tenants in the 245,354-square-foot Building 2 (9477 N. Virginia). The undisclosed tenants include an international pet food manufacturer; a world-class transportation and logistics company; an investment-grade credit rate global locomotive, freight and passenger vehicle product manufacturer; and an industry-leading construction and portable power equipment manufacturer and distributor.
The overwhelming response to its first project and strong market fundamentals in what has become one of the fastest-growing and tightest industrial markets in the country, led the development team to move forward with two additional projects, one in the North Valley and the other in the Tahoe Reno Industrial Center (TRIC). Majestic Reno Commercenter II (MRC II), a 246,392-square-foot building on 19.9 acres will be located across the street from MRC I at 9499 and 9477 N. Virginia St., is under construction with an estimated completion in early 2023.
MRC I and II are located just 12 miles north of the Reno-Tahoe International Airport, 8 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 III provides access to the same population concentration via its direct access to I-80.
Majestic Reno Commercenter III (MRC III), a 692,720-square-foot building on 36.7 acres, is also under construction in the Sparks submarket, approximately 28 miles east of MRC I and II and scheduled for completion in Q4 2022.
“We’ve been watching the blossoming markets in the southwest part of the country and seeing just how many of these quality, high credit companies need the real estate resources to service the west coast including California, Oregon, Idaho, Utah and Nevada as well,” said Majestic Realty’s John Jo. “After entering the market before the pandemic, we stayed patient and now, with the market exploding, we’re poised to take advantage of this growing and highly attractive business environment.”
The Reno industrial market has experienced exponential growth throughout 2021 and has become a west-coast manufacturing, distribution and tech-/startup hub with companies such as Makita, Sherwin Williams, Apple, Tesla, Switch, Chewy.com and Walmart taking space in the Reno-Sparks market. The region has consistently been a target for large corporate manufacturing and distribution sites however, the pandemic has skyrocketed demand with no signs of stopping, according to a recent report from CBRE.
Majestic I, II and III are being marketed and leased through Majestic Realty’s John Jo and CBRE Senior Vice President, Eric Bennett.
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 82-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.