Tejon Ranch Co./Majestic Realty Co. Joint Enterprise setting up its 3rd new developing, a 630,000-square-foot Course-A industrial facility
TEJON RANCH, Calif., July 07, 2021 (Globe NEWSWIRE) — Tejon Ranch Co. (NYSE: TRC) introduced these days it has commenced building of an approximate 630,000-square-foot speculative industrial creating at the Tejon Ranch Commerce Center (TRCC) with its joint enterprise lover Majestic Realty Co., the nation’s premier privately-held industrial developer.
The new making is located on a +/-39-acre web page fronting Interstate 5, straight away to the north of two other industrial services designed by Tejon-Majestic joint ventures in 2017 and 2019. At 629,274 square ft, the new building is the major of the three, the other two staying 480,480 and 579,040 sq. toes respectively. Tejon and Majestic also personal a entirely leased 651,909 industrial constructing on the west side of TRCC.
“Given the historical accomplishment we have enjoyed with our earlier speculative creating developments, with each and every of them leasing up in speedy vogue, the deficiency of vacant space inside Tejon Ranch Commerce Center, and the degree of need inquiries we’re fielding for gentle manufacturing, warehouse and distribution place out of Southern California and elsewhere, we needed to move as swiftly as probable to carry one more new setting up on the internet,” stated Joseph N. Rentfro, Tejon Ranch Co.’s Executive Vice President of Actual Estate. “Whoever occupies the room will obtain our adjacency to Interstate 5 and proximity to both equally the Port of Los Angeles-Prolonged Beach as well as California’s inhabitants centers – and our economical lease premiums, ample and higher-good quality labor pool, together with the prospect to utilize for tax incentives by the County of Kern’s AdvanceKern initiative, to be uniquely important benefits to locating company functions at Tejon.”
“Beginning with our original partnership settlement in 2016, we’ve remained incredibly bullish about Tejon Ranch and we’re enthusiastic to be underway on our third new setting up with a lover that sees and is fully commited to employing a development vision by means of the exact prolonged-expression lens,” explained Majestic Realty Co. Vice President Tom Simmons. “Everything we have crafted below has leased up quickly and we begin this next chapter in our partnership with a very well-founded foundation, large momentum and solid fundamentals. This is an chance to extend our footprint right on Interstate 5 and keep on to lengthen the current market with the supply of one more cost-powerful, entire world-class product that will bring in globe-course tenants.”
The building’s spot immediately on the east aspect of I-5, just north of the I-5/Laval Highway interchange, gives fast access to California’s principal north/south highway, straightforward connections to the LA basin, the San Francisco Bay Place and outside of, and the skill to offer upcoming working day supply assistance to 40 million customers. The Course-A cross-dock distribution facility will feature a 36-foot clear peak, a 7” minimal flooring slab, ESFR sprinkler technique, 136 dock superior doorways, 210 trailer parking stalls and 458 auto parking stalls. A 185-foot-large truck court docket will allow for for utmost effectiveness and maneuverability.
The new developing is predicted to be prepared for occupancy by mid-yr 2022.
Mike McCrary, handling director of JLL, will provide as the listing broker for the new advancement.
About Tejon Ranch Commerce Centre
The Tejon Ranch Commerce Middle is located at the junction of Interstate 5 and Highway 99, about 40 minutes north of Santa Clarita. The 1,450-acre industrial/industrial complicated is already household to major distribution centers for Tenting Earth, Caterpillar, Greenback Typical, Famous Footwear, IKEA and L’Oréal USA’s skilled salon distribution enterprise, SalonCentric.
About Tejon Ranch Co.
Tejon Ranch Co. (NYSE: TRC) is a expansion-oriented, completely diversified actual estate advancement and agribusiness business, whose principal asset is its 270,000-acre land keeping located close to 60 miles north of Los Angeles and 30 miles south of Bakersfield. Tejon Ranch Co. is positioned for advancement with its entirely operational professional/industrial real estate enhancement and a few grasp planned household communities on the horizon.
About Majestic Realty Co.
Majestic Realty Co. is the most significant, privately held developer and proprietor of master-prepared business enterprise parks in the United States. With about 87-million-sq.-toes in its portfolio, Majestic offers real estate solutions for tenants massive and little, creating careers, tax earnings and community rewards across the region. Headquartered in southern California, Majestic has regional workplaces in Atlanta Bethlehem, PA Dallas, Fort Truly worth and Laredo, Texas Denver/Aurora, CO Las Vegas Phoenix and Portland, OR. For extra information: https://www.majesticrealty.com/
Barry Zoeller, Sr. VP, Corporate Communications & Investor Relations