TEJON RANCH, Calif., Oct. 10, 2024 (GLOBE NEWSWIRE) — Tejon Ranch Firm (NYSE: TRC) introduced at the moment that it has signed a three way partnership settlement with Dedeaux Properties to develop and lease an roughly 510,500-square-foot, state-of-the-art industrial warehouse on the Tejon Ranch Commerce Heart (TRCC). Positioned on the intersection of Interstate 5 and Freeway 99, TRCC is a mixed-use grasp deliberate group that operates as an vital logistics hub serving all of California and the western United States, driving financial progress for Kern County.
Because the grasp developer of TRCC, Tejon has realized 8.2 million sq. ft in industrial improvement with a further 11.1 million sq. ft of entitled property remaining. TRCC additionally has 674,000 sq. ft of present business improvement, together with the Retailers at Tejon that simply celebrated its tenth anniversary with over 90% occupancy. Tejon Ranch Firm’s first residential providing, the 228-unit first section of Terra Vista at Tejon, an condo dwelling group that can characteristic as much as 495 items, will open in Spring 2025.
Our new partnership with Dedeaux Properties reinforces our dedication to rising Tejon Ranch Firm’s portfolio of Class-A industrial property at TRCC, said Derek C. Abbott, Government Vice President of Actual Property at Tejon Ranch Firm. We presently take pleasure in 100% occupancy of commercial area at TRCC, and this undertaking brings new provide to serve tenants actively in search of the benefits that our strategic location, sturdy labor pool and operational efficiencies can present.
This new industrial warehouse might be situated on a 25-acre parcel simply east of Interstate 5, giving it close to quick entry to California’s main north/south freeway and the flexibility to serve 90% of California shoppers inside a single day truck flip. The companions have designed the brand new warehouse as a Class-A divisible cross-dock facility with 185′ truck courts and 36′ clear top.
Dedeaux accomplished its first improvement of a web site in TRCC earlier this yr on land acquired from Tejon Ranch Firm. One of the vital lively builders of logistics-oriented amenities in Southern California, Dedeaux delivered a 250,000-square-foot warehouse constructing at TRCC which was offered at completion to a nationwide clothes and textile distributor.
We discovered from our first improvement that each third-party logistics corporations and main retailers are discovering that TRCC has develop into an environment friendly distribution hub for transport items all through California and the West, mentioned Brett Dedeaux, Chief Government & Supervisor of Dedeaux Properties. It is a terrific alternative to group with Tejon Ranch Firm to carry further top-tier industrial area to satisfy the large demand we’re discovering right here.
JLL’s Mac Hewett, Mike McCrary, and Weirick will function the itemizing brokers for this new industrial facility.
About Tejon Ranch Firm
Tejon Ranch Firm (NYSE: TRC) is a diversified actual property improvement and agribusiness firm whose principal asset is its 270,000-acre land holding situated roughly 60 miles north of Los Angeles and 30 miles south of Bakersfield. For extra info on the corporate, please go to www.tejonranch.com.
About Tejon Ranch Commerce Heart
Tejon Ranch Commerce Heart (TRCC) is a premier mixed-use improvement, strategically positioned on the crossroads of Interstate 5 and Freeway 99, simply 40 minutes north of Santa Clarita. Protecting 1,450 acres, TRCC incorporates a strategic combine of economic, industrial, and residential alternatives. This dynamic heart has attracted a wide selection of companies, together with a number of Fortune 500 corporations, and a big employment base of 5,000 workers. Dedicated to sustainable progress, TRCC constantly enhances its choices by way of value-driven tasks, together with Terra Vista at Tejon, a multi-family improvement slated to open in spring 2025.
About Dedeaux Properties
Los Angeles-based Dedeaux Properties, LLC focuses on the funding and improvement of logistics-oriented properties and is affiliated with family-controlled DART Warehouse Company, a nationwide full-service logistics supplier based in 1936. Along with a portfolio of 13.5 million sq. ft of commercial area, Dedeaux Properties has an lively pipeline of greater than two million sq. ft of commercial properties, together with warehouse/distribution, truck terminals, trailer yards, and chilly storage amenities.
MEDIA CONTACT
Nick Ortiz
SVP, Company Communications & Public Affairs
661-663-4212
nortiz@tejonranch.com
Dedeaux: Bruce Beck DB&R
bruce@dbrpr.com
(818) 540-8077
Supply: Tejon Ranch Co
