Companies form a Limited Liability Company to purchase a
651,909-square-foot industrial building at Tejon Ranch Commerce Center
TEJON RANCH, Calif.--(BUSINESS WIRE)--Aug. 8, 2016--
Tejon Ranch Co. (NYSE: TRC) announced today that it has entered into an
agreement with Majestic Realty Co., the nation’s largest privately-held
industrial developer, to form a Limited Liability Company, TRC-MRC 2,
LLC, which will purchase, own and manage a fully-leased
651,909-square-foot building on the west side of the Company's Tejon
Ranch Commerce Center.
The LLC is structured as a 50/50 joint venture with Majestic serving as
the managing member and Tejon serving as the property management member.
“Majestic Realty epitomizes experience, quality and integrity, and
possesses a business acumen that’s second to none,” says Hugh F.
McMahon, Executive Vice President, Commercial and Industrial Real
Estate, for Tejon Ranch Co. “They’re exactly the kind of company we want
at the Tejon Ranch Commerce Center and we’re very pleased to be joining
forces on the purchase of this building.”
“We're very bullish on the Tejon Ranch Commerce Center and are happy to
initialize our presence here through this partnership with Tejon Ranch
Co.,” says Brett A. Tremaine, Senior Vice President, Director of
Acquisitions and Development at Majestic Realty Co. “Our
fully-integrated services approach to real estate development impacts
every facet of our developments, from the partners we select, to
evaluating the project’s long-term economic viability, the quality of
the building, selecting the right tenants, and the care we take in
managing and maintaining our properties. We are extremely confident
Tejon Ranch will be another success story.”
The building is currently fully leased and is located just north of
IKEA's Western North American Distribution Center and immediately east
of the building occupied by Dollar General. The purchase is slated to
close in early September.
In addition, the two companies are finalizing a development agreement to
build a separate 480,480-square-foot speculative industrial building on
the east side of the Tejon Ranch Commerce Center.
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, Las Vegas and Bethlehem, Penn.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160808006014/en/
Source: Tejon Ranch Co.
Tejon Ranch Co.
Barry Zoeller, Vice President, Corporate
Communications & Investor Relations
(661) 663-4212
bzoeller@tejonranch.com
