New Industrial Building to Be Built at the Tejon Ranch Commerce Center
November 02 2018 - 9:15AM
Business Wire
Tejon Ranch Co. and Majestic Realty Co. form a
new joint venture to construct a 580,000-square-foot Class-A
industrial facility
Tejon Ranch Co. (NYSE: TRC) announced today a third joint
venture agreement with Majestic Realty Co., the nation’s largest
privately-held industrial developer, this one to build an
approximate 580,000-square-foot speculative industrial building at
the Tejon Ranch Commerce Center (TRCC).
The new building will be located next to a 480,480-square-foot
building Tejon and Majestic built in 2017 and subsequently leased
to Dollar General and L’Oréal USA in 2018. Dollar General’s lease
effectively increased its footprint at TRCC by 40-percent, as it
currently leases more than 600,000-square feet in a separate
building located on the west side of Interstate 5. L’Oréal USA is
moving its SalonCentric operation from a facility in Valencia,
about 40 minutes south of TRCC.
“Given the success with our most recent building, and with the
demand we’re seeing out of Southern California and elsewhere, we
wanted to move as quickly as possible to bring another new building
online,” said Joseph N. Rentfro, Tejon Ranch Co.’s Executive Vice
President of Real Estate. “Whoever occupies the space will find an
abundant and high-quality labor pool to draw from and the
opportunity to apply for tax incentives through the County of
Kern’s AdvanceKern initiative, as did L’Oréal USA, which was
approved for $2.3 million in tax rebates.”
“There continues to be a very tight market in terms of both
available product and land available for the development of large
scale distribution centers in Southern California,” said Majestic
Realty Co. Senior Vice President, Brett Tremaine. “The Tejon Ranch
Commerce Center features turn-key sites for distribution,
manufacturing and e-commerce operations that allow users to serve
southern and northern California, as well as all 11 western states,
from one location, and as we believe many more companies currently
located in the Los Angeles basin, like SalonCentric, will want to
avail themselves of the Tejon Ranch Commerce Center’s strategic
location and outstanding labor pool, it’s important to have a
building ready for them.”
The building’s 34-acre site has more than 2,000 feet of frontage
along the east side of I-5, just a half-mile north of the I-5/Laval
Road interchange, providing almost immediate access to California’s
principal north/south highway, with the ability to serve nearly 90%
of California consumers within a single day truck turn. The Class-A
cross-dock distribution facility will feature a 36-foot clear
height, ESFR sprinkler system, 62 dock high doors, 177 trailer
parking stalls and 327 vehicle parking stalls. A 180-foot wide
truck court will allow for maximum efficiency and
maneuverability.
Construction is expected to begin later this year or early 2019,
with completion anticipated in the third quarter of 2019.
Tejon Ranch and Majestic also jointly own a fully-leased
651,909-square-foot industrial building within the Tejon Ranch
Commerce Center on the west side of I-5, adjacent to IKEA’s 1.8
million square foot distribution center.
John DeGrinis, SIOR, senior executive vice president of Colliers
International will serve as the listing broker for the new
development.
About Tejon Ranch Commerce Center
The Tejon Ranch Commerce Center is located at the junction of
Interstate 5 and Highway 99, at the southern end of the San Joaquin
Valley, approximately 70 minutes north of Los Angeles. The
1,450-acre industrial/commercial complex is already home to major
distribution centers for Caterpillar, Dollar General, Famous
Footwear, IKEA and L’Oréal USA’s professional salon distribution
company, SalonCentric.
About Tejon Ranch Co.
Tejon Ranch Co. (NYSE: TRC) is a growth-oriented, fully
diversified real estate development and agribusiness company, whose
principal asset is its 270,000-acre land holding located
approximately 60 miles north of Los Angeles and 30 miles south of
Bakersfield. Tejon Ranch Co. is positioned for growth with its
fully operational commercial/industrial real estate development and
three master planned residential communities on the horizon.
About Majestic Realty Co.
Celebrating its 70th Anniversary in 2018, Majestic Realty Co. is
the largest, privately-held developer and owner of master-planned
business parks in the United States. With more than
78-million-square-feet in its portfolio, Majestic 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, Bethlehem, Penn., Dallas, Denver, Fort
Worth and Laredo, Texas, Las Vegas and Phoenix, Ariz.
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version on businesswire.com: https://www.businesswire.com/news/home/20181102005085/en/
Tejon Ranch Co.Corporate CommunicationsBarry Zoeller, (661)
663-4212bzoeller@tejonranch.comorFor Majestic Realty Co.Marty
Schechter, (303) 987-8163marty@schechterpr.com
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