Majestic Commercenter Lease Agreements Total 420,000 SF, Push Vacancy to 4%
Five lease agreements secured over the past 60 days, including one renewal and four new tenants totaling 420,000 square feet, continue to push occupancy at the Majestic Commercenter (MCC) to near capacity. With low inventory levels, Majestic Realty Co. has initiated the next phase of new construction at the business park located at the northeast quadrant of I-70 and Tower Road.
The recent deals leave the park’s available inventory at just 4%, prompting the development team to move ahead with the entitlement process for its fully-designed “Phase 11” at the 1600-plus acre park. Three new speculative buildings totaling more than 800,000 square feet are in the works to help ensure the developer stays ahead of the strong demand for warehouse, distribution and e-commerce product in the market.
“We’re continuing our bullish and forward-looking vision for the Majestic Commercenter and want to stay active and engaged with a diverse portfolio offering,” said Majestic Realty Co. Vice President Michael Kapoor. “The demand from quality tenants has not waned in the past year and our market remains incredibly strong. The size and flexibility of these three new buildings helps us to ensure that we’ll have product available for a wide range of users when they’re ready.”
Agreements completed over the past 60 days include:
- Anheuser-Busch – A MCC tenant since 2009, renewed a long-term lease for all 200,000 square feet of Building #26. CBRE’s Nic Carter and Doug Viseur represented Anheuser Busch.
- Next Level Resource Partners – A 3PL that is expanding its operations for a fully-dedicated facility for Burt’s Bees Baby®, signed a lease for 100,000 square feet in Building #23. Tim Shay and Tyler Ryon with Colliers International represented Next Level Resource Partners.
- ShipOffers – A logistics and on-demand fulfillment company signed a lease for 50,000 square feet of Building #25. They were represented by Newmark’s Brian Wingate.
- Bibbeo Ltd. – A technology solutions, equipment installation provider signed a lease for 36,000 square feet in Building #2. Mike Wafer, Jr. of Newmark represented Bibbeo in the agreement.
- Service Partners – The leading distributor of residential insulation and building supplies in the United States and a part of Fortune 1000 TopBuild Corp. signed a lease to occupy 34,000 square feet of Building #5.
Majestic Realty Co. has been the City of Aurora’s largest industrial developer over the past two decades and has nearly doubled its closest competitor in total square footage during that time. The Majestic Commercenter is home to 50 companies and more than 4,000 employees. Since purchasing the park in 1995, Majestic Realty has invested more than a quarter of a billion dollars in the Aurora market through its buildings and land acquisitions.
Image courtesy of Majestic Realty Co.