With construction set to complete before the end of the year, Majestic Realty announced that it has a signed lease agreement with a single-tenant for all 158,656 square feet of its latest, two-building speculative development, Majestic 202, located at Loop 202 and Greenfield Road.
Although the buildings were originally developed with the smaller Mesa-area industrial user in mind, the unnamed tenant was swayed by Majestic’s Class-A buildings that deliver state-of-the-art amenities and, equally important, high profile visibility on the well-traveled Loop 202 freeway. The two buildings feature 30-foot clear height and 120-foot truck courts with a combined 50 dock doors and eight ramp positions, as well as nearly 200 parking stalls. Scheduled for full occupancy in January 2022, the tenant is working with Majestic Realty subsidiary Commerce Construction Co. to design and customize the building interiors to accommodate its special needs and planned function. Majestic was represented by Stein Koss and Tom Louer of Lee & Associates for the long-term lease agreement.
Majestic Realty 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 six months, Majestic Realty has secured long-term lease agreements with a growing list of diverse companies at four of its metro area locations that have taken each park to full occupancy.
“Continuing to rise from the COVID-induced slowdown, Arizona is clearly demonstrating that it is open for business and growing,” said Majestic Realty Vice President Tom Simmons. “Leasing activity and sales continue to drive net absorption across the region and the pipeline of potential users is filled with a wide range of high-quality companies who value and seek out Class-A space in a growing metro market.”
Majestic Realty is eager to continue to expand its Phoenix-MSA footprint and feed the appetite of those users. The nation’s largest privately held industrial developer is under construction on Majestic 55, a 489,284-square-foot cross-dock building just a quarter mile off the newly completed Loop 202 and Lower Buckeye in Phoenix. The spec building is set for completion in December and has already gained significant user interest.
In addition, Majestic officials continue to work through pre-development of two additional projects on the east and west side of the Valley that will deliver approximately 1 million square feet each, as well as evaluating other large-scale projects to fill its pipeline in 2022 and beyond.