Tejon Ranch (TRC), Majestic Realty Enters JV for Building in Tejon Ranch Commerce Center
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Tejon Ranch Co. (NYSE: TRC) announced 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.
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