Majestic Realty Sets Sights on Next Phase of Majestic Commercenter
Sitting at 99.5 percent occupancy on its 5.5 million square feet of development at the Majestic Commercenter, Majestic Realty will break ground before year end on a three-building, 806,630-square-foot speculative development at the business park located at the northeast quadrant of I-70 and Tower Road, continuing east to E-470.
A combination of long-term lease renewals, new tenant leases, as well as completed and nearly completed build-to-suit projects in 2021 have given the green light to the developer’s next phase of growth as it looks to stay ahead of the continued strong demand for logistics and distribution product in the market. The southern-California-based developer will initiate its Phase 11 project that will include the 461,580-square-foot Building 12, 244,920-square-foot Building 11, as well as a 100,130-square-foot Building 10. The three buildings will be located in the heart of the 1,600-acre master-planned business park just five miles south of DIA and featuring I-70 and E-470 frontage.
Features and amenities for each of the buildings include:
Building #10 – 3100 N. Himalaya Road, Aurora
Divisible: To 20,000 Square Feet
Clearance: 28′ Minimum @ 1st Column
Loading: 39 Dock High Doors
Car Parking: 204 Total
Building #11 – 20310 E. 35th Drive, Aurora
Divisible: To 100,000 Square Feet
Clearance: 36′ Minimum @ 1st Column
Loading: 49 Dock High Doors
Trailer Parking: 54 Total
Car Parking: 242 Total
Building #12 – 20600 E. 35th Drive, Aurora
Divisible: To 200,000 Square Feet
Clearance: 36′ Minimum @ 1st Column
Loading: 97 Dock High Doors
Trailer Parking: 117 Total
Car Parking: 389 Total
“Our park continues to attract and keep an incredible roster of tenants who are taking full advantage of our unparalleled access to the highway, DIA, and regional distribution and service opportunities, as well as the growing list of employee amenities in and around the park,” said Majestic Realty Executive Vice President Randy Hertel.
Since the beginning of 2021, Majestic Realty has completed seven new lease agreements totaling 455,000 square feet and another eight renewals totaling more than 1.1 million square feet. In addition, Majestic and its Commerce Construction subsidiary, recently completed a 1.1- million-square-foot distribution center that features the region’s first 74-foot-high walls, housing a 650,000-square-foot freezer/cooler system, the largest such system in a five-state region. The on-time completion of the distribution center is “a tribute to the focus and hard work of our Commerce Construction team during some of the most difficult times in the industry due to the lack of availability and access to materials and labor,” said Hertel.
Also falling into that category is the fast-approaching completion of a 550,000-square-foot build-to-suit for Subaru which is relocating from a smaller existing location less than two miles away. The new building, being delivered on time before year-end, will allow Subaru to expand into a new regional office, parts distribution and technical training center for its retail service technicians.
“We’re continuing our forward-looking vision for the Majestic Commercenter and want to stay active and engaged with a diverse portfolio offering,” said Hertel. “The demand from high quality tenants has not waned since mid-2020, and our market remains incredibly strong. The size and flexibility of these three new buildings, coupled with our continued availability of build-to-suit and spec development helps ensure that we’ll have product available for a wide range of users when they’re ready.”
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. Upon completion of these projects, Majestic Commercenter will be home to 50 companies and more than 4,000 employees spread across approximately 9.5 million square feet and is approaching a value of nearly $1B.