Joint venture to develop a 480,000-square-foot industrial building at
the Tejon Ranch Commerce Center
TEJON RANCH, Calif.--(BUSINESS WIRE)--Sep. 20, 2016--
Tejon Ranch Co. (NYSE: TRC) announced today that it has signed a joint
venture agreement with Majestic Realty Co., the nation’s largest
privately-held industrial developer, to build an approximate
480,000-square-foot speculative industrial building at the Tejon Ranch
Commerce Center.
Majestic Realty Co. is headquartered in Los Angeles County and has a
current portfolio of about 78 million square feet of industrial, office
and retail space, as a well as sports, entertainment and hospitality
projects.
“This is our second joint venture with Majestic Realty and we are
excited about the synergies this partnership between our two companies
will create at the Tejon Ranch Commerce Center,” says Hugh F. McMahon,
Tejon Ranch Co.’s Executive Vice President of Commercial and Industrial
Real Estate. “We’re very pleased to be joining forces on this next phase
of our industrial development.”
“In what continues to be a very tight market in terms of both available
product and land available for the development of large scale
distribution centers, 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,” said Majestic Realty Co. Senior Vice
President, Brett Tremaine.
The building will be located just east of Interstate 5, giving it near
immediate access to California’s principal north/south highway, and the
ability to serve nearly 90% of California consumers within a single day
truck turn. Construction is expected to begin in the fourth quarter of
2016 with completion anticipated in the second quarter of 2017.
Tejon Ranch and Majestic recently partnered to purchase a fully-leased
651,909-square-foot industrial building, also located at the Tejon Ranch
Commerce Center. That purchase closed on September 9, 2016.
John DeGrinis, SIOR, and Tom Taylor of Colliers International convened
the relationship between the two parties and will serve as listing
brokers 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 and IKEA.
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.
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 78-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, Fort Worth, Laredo, Las Vegas, and Bethlehem, Penn.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160920006622/en/
Source: Tejon Ranch Co.
Tejon Ranch Co.
Barry Zoeller, Vice President, Corporate
Communications & Investor Relations
661-663-4212
bzoeller@tejonranch.com
