Foreign Trade Zone more than doubles in size to cover nearly 1,094
acres
TEJON RANCH, Calif.--(BUSINESS WIRE)--Feb. 1, 2018--
The U.S. Department of Commerce has officially approved the
re-establishment and expansion of Foreign Trade Zone (FTZ) #276 at the
Tejon Ranch Commerce Center (TRCC), the 1,450-acre master planned
commercial/industrial development located an hour north of Los Angeles
along Interstate 5. The expanded FTZ now covers all the industrial sites
within TRCC, an area totaling 1,093.6 acres. The previous designation
included approximately 510 acres.
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Foreign Trade Zone at Tejon Ranch Commerce Center Expands Significantly (Graphic: Business Wire)
“The master plan for the Tejon Ranch Commerce Center is strategically
crafted to provide a premier operating environment for California’s
diverse business community,” said Gregory S. Bielli, President and CEO
of Tejon Ranch Co. “The expanded Foreign Trade Zone designation at TRCC,
along with the County of Kern’s new Economic Incentive Program, provides
a significant boost to our efforts to attract new employers to Kern
County.”
The FTZ designation, once activated by the user entity, allows the user
to secure the many benefits and cost reductions associated with
streamlined movement of goods in and out of the zone. Currently, the
77-acre IKEA facility at TRCC operates as a fully activated Foreign
Trade Zone. This activation is considered to be one of the largest zones
approved and utilized in the state of California.
According to Colliers International Senior Executive Vice President John
DeGrinis, SIOR, who’s been retained to market available building space
and land for development at TRCC, the FTZ designation provides a sought
after amenity for the project that serves the industrial space user and
further strengthens TRCC’s already unique position in the marketplace.
“For companies involved in logistics and warehouse operations, access to
an FTZ designation is a huge attraction they will not find at other
regional projects,” said DeGrinis. “This designation, now covering all
of the industrial sites at TRCC, which can accommodate buildings ranging
in size from 20,000 to 2.0 million square feet and beyond, strengthens
TRCC’s position as a strategic location for efficient and effective
goods movement.”
The Tejon Ranch Commerce Center is already home to 4.3 million square
feet of existing warehouse facilities, including major distribution
centers for IKEA, Caterpillar, Dollar General and Famous Footwear.
Another 15 million square feet of industrial space is available for
development.
“TRCC has established itself as a location that answers the challenges
facing the modern logistics operation,” said Joseph N. Rentfro,
executive vice president of real estate with Tejon Ranch. “Major
companies are focused on finding an efficient logistics, labor and
location solution. TRCC provides inbound and outbound efficiencies for
goods movement from a master-planned location that sits directly on I-5.
The labor pool within Kern County and the Bakersfield region is deep and
highly qualified to serve the needs of industrial space users. TRCC is
the next great opportunity in California.”
TRCC is located north of California’s San Fernando Valley at the
junction of Interstate 5 and Highway 99, an approximate two hour drive
from the Ports of Los Angeles/Long Beach and four hours south of
Oakland, providing efficient access to the state’s two major port
complexes for diversification and contingency. The site allows for
efficient outbound, next-day delivery service to more than 40 million
people; 70 million in two days, offering the shortest average distance
to major markets in the western U.S. TRCC’s location in unincorporated
Kern County gives companies the opportunity to take advantage of the
County’s new economic incentive program. Kern County offers significant,
individually tailored performance-based tax revenue sharing
opportunities, with no cap on the amount of the incentive or the
duration it’s offered.
About Tejon Ranch Company (NYSE: TRC)
Tejon Ranch Company is a 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. For more information on the company, please go to www.TejonRanch.com.
For more information on the Tejon Ranch Commerce Center, please go to www.TejonCommerce.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180201006461/en/
Source: Tejon Ranch Company
Tejon Ranch Company
Barry Zoeller, Vice President, Corporate
Communications & Investor Relations
(661) 663-4212
bzoeller@tejonranch.com
