Fueled by a continuation of favorable local and national market conditions, including historically low vacancy rates, as well as a prelease of a 452,400-square-foot building to Amazon earlier this year, Majestic Realty Co. plans to build what will be the largest, single-phase speculative industrial development in the state’s history, according to industry experts.
The developer will break ground at its Majestic Commercenter early this fall on three speculative industrial warehouse and distribution buildings totaling 834,580 sf. Completion of the three properties is anticipated for summer 2017 and will bring the Majestic Commercenter portfolio to nearly 4.2 million square feet with strong occupancy and tenant retention across its 17 buildings.
“A big part of being a master-planned business park is the ability to deliver overall flexibility in our structure to meet the diverse size of users and their needs in this market,” said Majestic Realty Co. Executive Vice President and Director of Development Randy Hertel. “We’ve seen a lot of activity in that 30,000- to 80,000-square-foot user, as well as the larger industrial tenants, and our park layout and available land put us in a great position to deliver a wide range of non-competing product options for the small, medium and large user.”
