California Industrial Developer Continues Phoenix-area Building Spree

Article originally posted on Phoenix Business Journal on December 3, 2019

Majestic Realty Co. has closed on 30 acres of land near Loop 202 in southwest Phoenix where it plans to build a commerce park totaling more than 500,000 square feet.

The site at 55th Avenue and Lower Buckeye Road is near the Loop 202 off-ramp that is scheduled to open this month. Majestic bought the land from Cavco Industries Inc. for $6.77 million, according to real estate database Vizzda.

Southern California-based Majestic plans to break ground on the site, called Majestic 55, during the first quarter of 2020. The building will total 502,000 square feet of speculative industrial space and will be divisible to accommodate up to six users.

“This was a very unique, timely opportunity for us to secure a highly valued infill land site on which we can deliver a state-of-the-art, multi-tenant facility,” said Brett Tremaine, Majestic Realty Co. senior vice president, in a statement. “Being on the inside of the Loop, our future tenants will have a tremendous advantage in serving their customers in the east and west valley and throughout the region with a much-needed alternative to the I-10 through downtown.”

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An artist's rendering shows an industrial complex under construction by Majestic Realty Co. in Tolleson.