Majestic Realty Co. Signs Subaru to 550,000-Sq.-Ft. Build to Suit
Majestic Realty Co., the largest privately owned industrial developer in the U.S., has signed a long-term lease agreement with Subaru of America for a 550,000-square-foot build-to-suit building at Majestic Commercenter, a 1,600-acre master-planned park located at the intersection of I-70 and Tower Road in Aurora.
Subaru will relocate from a smaller existing location less than 2 miles away and expand into the new regional office, parts distribution and technical training center for its retail service technicians.
“This was a decision driven by a number of key factors for the long-term growth and success of our business and our employees,” said Keith Metzger, director of Corporate Real Estate, with Subaru. “We achieved a competitive lease rate for a prime location and quality product from a first-class developer that we have built a strong relationship with. In addition, the park amenities and surrounding area met or exceeded our checklist in every way.”
With design being completed over the summer, groundbreaking is scheduled for late 2020 with completion of Subaru’s full buildout and occupancy in late 2021. Constructed by Commerce Construction L.P., Building No.16 will feature 36-foot ceiling clearance, 70-foot speed bays, 115 dock doors and will have significant signage along the I-70 frontage. Steve Hager with Cushman & Wakefield represented Subaru in the agreement.
“This announcement once again shows the significant value Aurora and Adams County have to offer companies looking for a home,” said Aurora Mayor Mike Coffman. “Seeing Subaru grow, especially while we are experiencing the challenges of the pandemic, is a positive sign that our economy is still resilient. This is an example of why economic development is so important – the City of Aurora will benefit from the tax revenue this project will generate, and the partnership with Subaru and their commitment to our community which will have long-reaching impact.”
In addition, the Majestic is moving ahead with a retail complex now underway at the park’s 32nd and Tower Road entrance. Majestic Tower Crossings has plans for up to 15 retailers and hospitality tenants, including at least one hotel, as the 32-acre site expands in the coming years.
The park also features a key stretch of the northern segment of the 71-mile legacy High Line Canal, with plans to connect it with the planned First Creek Trail on the eastern side of the Majestic Commercenter.
“The growth of this master-planned park has evolved from a vision and foundation of Class-A industrial product, but that is now being enhanced through the addition of our retail development and a connected outdoor environment,” said Majestic Realty Co. Vice President Michael Kapoor. “The mix of building and property functions for employers and employees is already making a difference in our park as evidenced from Subaru’s decision to call the Commercenter home.”