Tejon Ranch (TRC) Enters Building Purchase Joint Venture
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Tejon Ranch Co. (NYSE: TRC) announced 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.
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