CITY OF INDUSTRY, CA-Locally based development and investment firm Majestic Realty Co. has broken ground on its first new construction since 2008 with a new 300,000-square-foot building at its Grand Crossing industrial center. Located at 179 S. Grand Ave., the spec building (also known as “Grand Crossing Building 11”) will feature 32-foot ceiling clearance and an extremely large yard area.
Hank Darnell, a Majestic Realty vice president, says the location and features of the building will make it ideal for an industrial tenant seeking access to local freeways and ports. The building is scheduled to be completed in mid-February 2012.
“With renewed interest in commercial and industrial property in the area, Majestic is bullish on the recovery of our region,” Darnell said. “We anticipate strong interest from prospective tenants looking for a prime location in the San Gabriel Valley.”
The groundbreaking comes as the region is seeing a reversal of the job-loss trend, with some 5,000 new jobs anticipated in the San Gabriel Valley in 2011. Darnell noted that Cynthia Kurtz of the San Gabriel Valley Economic Partnership, in a column published in the San Gabriel Valley Tribune, said the expected job growth represents “A small increase of 0.07 percent, but a beginning.” She concluded, “The full recovery is taking a longer time to arrive in many parts of Los Angeles County including our Valley, however, the numbers suggest it is on the way.”
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