With prelease agreements taking up a majority of what was the largest speculative industrial project ever to be built in the metro-area, Majestic Realty Co. announced plans to beat its own record and build the state’s largest individual speculative building at its Majestic Commercenter park in Aurora.
Set to break ground in June, the 701,500-square-foot Building #15 is anticipated for completion in the first quarter of 2018. The building will be constructed on 36 acres of the 1000-acre Majestic Commercenter, located at the intersection of I-70 and Tower Road, and will feature 36-foot ceiling clearance, 146 dock doors, 198 trailer parking spaces and 426 car spaces. The building will be divisible for multiple tenants down to 150,000 square feet.
Majestic’s latest announcement breaks the company’s streak of speculative development records dating back to 2013 when it constructed Building #28 to become what was then the state’s largest at 500,000 square feet. Last year, Majestic set another record when it broke ground on a speculative, three-building phase totaling 834,000 square feet representing the metro-area’s largest speculative project ever to be built.
Upon completion of Building #15, Majestic will have developed six buildings totaling 2.5 million square feet in the past four years, matching the square footage developed during its first 15 years and bringing the park to a total of 18 buildings covering 5 million square feet.
“With 450 acres of undeveloped land still available in our park, and another 500 acres available directly adjacent in our next phase that will accommodate multiple 1-million-square-foot buildings, our focus will continue to be on delivering quality product in a timely fashion to meet the needs of a diverse range of users looking for the space needed to service the Rocky Mountain region and beyond,” said Majestic Realty Co. Executive Vice President, Randy Hertel. “Our decision to break ground and deliver yet another record-breaking spec warehouse distribution facility is based on our decades of experience, belief in this market, as well as our in-depth understanding of the needs of national retailers and service providers.”
Read more about the project in CREJ’s May 3-16, 2017, issue.