Developer focused on expanding metro footprint with pipeline projects for 2022 and beyond
With multiple new lease agreements secured over the past 60 days, Majestic Realty Co. continues to enhance its presence and fill its development pipeline with additional projects across the Phoenix Metropolitan area. Fueled by strong absorption and user interest throughout the market, the developer’s properties and geographic locations offer cost efficiency and access to a diverse tenant base looking to serve a growing regional population.
Over the past two months, Majestic Realty has secured long-term lease agreements with companies at three of its metro area locations that have taken each park to full occupancy.
Recent lease agreements include:
- Majestic Tolleson Center: Completed lease up of the two-building Center with a 224,874 square foot full building lease with Ashley Furniture. Located at 8711 W. Jefferson, just one mile from Interstate 10, the building features 32-foot clear height, 42 dock high doors, 2 grade-level doors, a 185-foot truck court, skylights and ESFR sprinkler system. Aaron Hodgdon of Hodgdon Group Realty and Rick Robertson of Lee & Associates represented Ashley Furniture. Allen Lowe and Jeff Conrad of Lee & Associates represented Majestic Realty Co.
- Majestic Falcon Field: A 21,854 square-foot long-term agreement with U-Haul also completed the lease up of Majestic Realty Co.’s 85,554-square-foot, multi-tenant building located approximately 2 miles from the full diamond interchange at Loop 202 and Higley Road. Rick Collins and Steve Larsen of JLL represented Majestic Realty Co.
- Majestic Papago – Completed a full building, single-tenant net lease with Dedicated Delivery Professionals (DDP), a regional 3PL/Less than Truckload (LTL) distributor. DDP occupies all 74,204 square feet of the free-standing building located at 4803 W. Roosevelt Street and was represented by Jeff Hays with Commercial Properties Inc. Majestic Realty Co. was represented by Allen Lowe and Matt Hobiaca of Lee & Associates.
With strong market variables and a proven appetite for Class-A industrial space, Majestic Realty is continuing to expand its Phoenix-MSA footprint.
Current pipeline projects include:
- Majestic 55: Under construction on a 489,284 square foot cross-dock building just a quarter mile off the newly completed Loop 202 and Lower Buckeye in Phoenix. Completion is estimated in Q4 2021.
- Majestic 202: Under construction in the city of Mesa on a two-building project at the intersection of Loop 202 and Greenfield with freeway frontage that totals 158,656 square feet. The two buildings are also scheduled for completion in Q4 this year with current negotiations that would take a significant amount of the speculative space off the market.
“Strong leasing activity and sales continue to drive net absorption across the region,” said Majestic Realty Co. Vice President Tom Simmons. “Coupled with the investment in the transportation infrastructure, we continue to be very bullish on Phoenix and its long-term industrial market strength. With the recent lease up of available space in our Phoenix-area parks, we are well positioned to expand our footprint with additional Class-A space that is so clearly sought after in the Phoenix metro market.”
In addition, officials with Majestic Realty Co. are working through pre-development of two additional projects on the east and west side of the Valley that will deliver approximately 1 million square feet apiece, as well as evaluating other large-scale projects to fill its pipeline in 2022 and beyond.
“From our center city locations, including being inside Loop 202, to our west side and east side development plans, we’re excited to keep this momentum going by delivering timely product and maintaining a pipeline that can feed the appetite of tenants looking to establish themselves and/or grow in this region,” added Simmons.