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Tribe, Majestic Realty agree on 99-year ground lease for 1M-SF warehouse
The light industrial plan calls for up to eight Class-A buildings totaling just under 1 million square feet, with an anticipated groundbreaking in 2027.
ConnectCRE reports that Majestic Realty Co. and the Salt River Pima-Maricopa Indian Community (SRPMIC) have agreed to a 99-year ground lease for a new light industrial development in the greater Phoenix metro area.
The project is expected to break ground in 2027 and include up to eight Class-A light industrial buildings with combined space totaling just under 1 million square feet.
Each building could reach up to 200,000 square feet and be divisible to roughly 20,000 square feet, with dock-high doors and amenities and safety features aimed at modern best-in-class light industrial product.
Approved uses include tenant operations such as food processing and bottling, printing and publishing, machine shop, manufacturing, and distribution, according to ConnectCRE.