LAREDO, Texas – Majestic Realty Co., the nation’s largest, privately-held real estate development company, has completed the acquisition of a 2000-acre land site from a subsidiary of Mercedes-Benz. Majestic plans to redevelop the site with modern warehouse distribution space to support the growing international flow of commerce between Mexico and the United States, according to company officials. Laredo recently advanced its rank and is now the nation’s third largest customs district with annual U.S-Mexico trade totaling $230 billion.
Although early in the process, Majestic executives have begun master-planning the development with intent to put the first Phase of development into production immediately. Majestic is eager to expand upon its success in Laredo where the company has constructed, leased, and now manages more than one million square feet of distribution space over the past 20 years. Working cooperatively with the City of Laredo, Majestic seeks to provide local, national, and multi-national users the facilities required to support Mexican trade flow of the nation’s number one inland port.
“The City of Laredo has been a pleasure to work with over the past few decades, and we couldn’t be more excited to expand our presence with the acquisition of this significant property,” said Majestic Realty Co. Senior Vice President Brett Tremaine. “The City works closely with the community which has helped breed productive growth. We look forward to continuing our work with the Mayor’s office, city staff, and community as we develop our project for decades to come.”
Founded in 1948, Majestic Realty Co. is the largest, privately-held developer and owner of master-planned business parks in the United States. Majestic’s approximate 74-million square-foot portfolio provides real estate solutions for tenants large and small, creating jobs, tax revenue and community benefits across the country. Headquartered in Southern California, Majestic has regional offices in Atlanta, Dallas, Denver, Las Vegas and Bethlehem, Pennsylvania. Earlier this year, Majestic opened a Fort Worth office expanding its roots in the state of Texas.