Park amenities drive Subaru to 550,000-square-foot build to suit at Majestic Commercenter in Aurora
Majestic Realty Co.
by Press Release on 08-06-2020
AURORA, CO – Citing the park’s prime location, as well as existing and planned access to amenities for its growing employee base, Subaru of America has signed a long-term lease for a 550,000 square foot build-to-suit building at Majestic Realty Co.’s Majestic Commercenter. The 1,600-acre master-planned park is located at the northeast quadrant of the intersection at I-70 and Tower Road, continuing east to E-470.
Subaru will relocate from a smaller existing location less than 2 miles away and expand into the new regional office, parts distribution and technical training center for its retail service technicians.
“This was a decision driven by a number of key factors for the long-term growth and success of our business and our employees,” said Keith Metzger, Director of Corporate Real Estate, with Subaru. “We achieved a competitive lease rate for a prime location and quality product from a first-class developer that we have built a strong relationship with. In addition, the park amenities and surrounding area met or exceeded our checklist in every way.”
With design being completed over the summer, groundbreaking is scheduled for late 2020 with completion of Subaru’s full buildout and occupancy in late 2021. Constructed by Commerce Construction L.P., Building #16 will feature 36-foot ceiling clearance, 70-foot speed bays, 115 dock doors and will have significant signage along the I-70 frontage. Steve Hager with Cushman & Wakefield represented Subaru in the agreement.
“This announcement once again shows the significant value Aurora and Adams County have to offer companies looking for a home,” said Aurora Mayor Mike Coffman. “Seeing Subaru grow, especially while we are experiencing the challenges of the pandemic, is a positive sign that our economy is still resilient. This is an example of why economic development is so important – the City of Aurora will benefit from the tax revenue this project will generate, and the partnership with Subaru and their commitment to our community which will have long-reaching impact.”
In addition, the developer is moving ahead with a retail complex now underway at the park’s 32nd and Tower Road entrance. Majestic Tower Crossings has plans for up to 15 retailers and hospitality tenants, including at least one hotel, as the 32-acre site expands in the coming years.
The park also features a key stretch of the northern segment of the 71-mile legacy High Line Canal, with plans to connect it with the planned First Creek Trail on the eastern side of the Majestic Commercenter.
“The growth of this master-planned park has evolved from a vision and foundation of Class-A industrial product, but that is now being enhanced through the addition of our retail development and a connected outdoor environment,” said Majestic Realty Co. Vice President Michael Kapoor. “The mix of building and property functions for employers and employees is already making a difference in our park as evidenced from Subaru’s decision to call the Commercenter home.”
Deals bring development to 9 million square feet
The Subaru build-to-suit comes on the heels of two other major lease and development wins for Majestic Commercenter. In March 2020, Amazon signed a long-term lease agreement with to occupy the 702,000-square-foot Building #15, nicknamed the “Big Bomber,” and a land sale to Shamrock Foods resulting in a 1.3 million square foot complex now under construction on the eastern edge of the park. Upon completion of these projects, Majestic Commercenter will have over 9 million square feet in the park, valued at approximately a half-a-billion dollars.
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, 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, PA; Dallas; Denver/Aurora; Las Vegas; Phoenix; Portland, OR; Fort Worth and Laredo, Texas.