Tejon Ranch Company and Dedeaux Properties Announce Joint Venture to Develop Industrial Warehouse at the Tejon Ranch Commerce Center
Tejon Ranch Company (NYSE: TRC) has announced a joint venture with Dedeaux Properties to develop a 510,500-square-foot industrial warehouse at the Tejon Ranch Commerce Center (TRCC). Located at the intersection of Interstate 5 and Highway 99, TRCC serves as a important logistics hub for California and the western United States. The new warehouse will be situated on a 25-acre parcel with immediate access to Interstate 5, designed as a Class-A divisible cross-dock facility with 185' truck courts and 36' clear height.
Tejon Ranch Company has already developed 8.2 million square feet of industrial space at TRCC, with an additional 11.1 million square feet of entitled property remaining. The company also has 674,000 square feet of commercial development, including the Outlets at Tejon. Additionally, Tejon Ranch Company's first residential project, Terra Vista at Tejon, is set to open its first phase of 228 units in Spring 2025.
Tejon Ranch Company (NYSE: TRC) ha annunciato una joint venture con Dedeaux Properties per sviluppare un magazzino industriale di 510.500 piedi quadrati al Tejon Ranch Commerce Center (TRCC). Situato all'incrocio tra l'Interstate 5 e l'Highway 99, TRCC funge da importante hub logistico per la California e gli Stati Uniti occidentali. Il nuovo magazzino sarà posizionato su un comparto di 25 acri con accesso diretto all'Interstate 5, progettato come una struttura cross-dock divisibile di Classe A con corsie per camion di 185' e un'altezza libera di 36'.
Tejon Ranch Company ha già sviluppato 8,2 milioni di piedi quadrati di spazio industriale al TRCC, con ulteriori 11,1 milioni di piedi quadrati di proprietà accettate rimanenti. L'azienda ha anche 674.000 piedi quadrati di sviluppo commerciale, inclusi gli Outlets di Tejon. Inoltre, il primo progetto residenziale di Tejon Ranch Company, Terra Vista at Tejon, è programmato per aprire la sua prima fase di 228 unità nella primavera del 2025.
Tejon Ranch Company (NYSE: TRC) ha anunciado una empresa conjunta con Dedeaux Properties para desarrollar un almacén industrial de 510,500 pies cuadrados en el Tejon Ranch Commerce Center (TRCC). Ubicado en la intersección de la Interestatal 5 y la Carretera 99, TRCC sirve como un importante centro logístico para California y el oeste de los Estados Unidos. El nuevo almacén se ubicará en un terreno de 25 acres con acceso inmediato a la Interestatal 5, diseñado como una instalación cross-dock divisible de Clase A con cortes para camiones de 185' y una altura libre de 36'.
Tejon Ranch Company ya ha desarrollado 8.2 millones de pies cuadrados de espacio industrial en TRCC, con un adicional de 11.1 millones de pies cuadrados de propiedad autorizada disponible. La compañía también cuenta con 674,000 pies cuadrados de desarrollo comercial, incluyendo los Outlets en Tejon. Además, el primer proyecto residencial de Tejon Ranch Company, Terra Vista at Tejon, está programado para abrir su primera fase de 228 unidades en la primavera de 2025.
Tejon Ranch Company (NYSE: TRC)가 Dedeaux Properties와 공동으로 Tejon Ranch Commerce Center (TRCC)에서 510,500 제곱피트의 산업 창고를 개발한다고 발표했습니다. Interstate 5와 Highway 99의 교차점에 위치한 TRCC는 캘리포니아와 미국 서부의 중요한 물류 허브로 기능합니다. 새로운 창고는 빠른 접근이 가능한 25 에이커의 부지에 위치하며, 185'의 트럭 코트와 36'의 클리어 높이를 갖춘 Class-A 분할 가능 크로스독 시설으로 설계되었습니다.
Tejon Ranch Company는 이미 TRCC에서 820만 제곱피트의 산업 공간을 개발했으며, 추가로 1110만 제곱피트의 권리 있는 부지가 남아 있습니다. 이 회사는 또한 674,000 제곱피트의 상업 개발을 보유하고 있으며, Tejon의 아울렛도 포함되어 있습니다. 또한, Tejon Ranch Company의 첫 번째 주거 프로젝트인 Terra Vista at Tejon은 2025년 봄에 228개의 유닛으로 구성된 첫 번째 단계를 개설할 예정입니다.
Tejon Ranch Company (NYSE: TRC) a annoncé un partenariat avec Dedeaux Properties pour développer un entrepôt industriel de 510 500 pieds carrés au Tejon Ranch Commerce Center (TRCC). Situé à l'intersection de l'Interstate 5 et de la Route 99, le TRCC sert de point logistique important pour la Californie et l'ouest des États-Unis. Le nouvel entrepôt sera construit sur un terrain de 25 acres, avec un accès immédiat à l'Interstate 5, conçu comme une installation de cross-dock divisible de Classe A, avec des aires de manœuvre pour camions de 185' et une hauteur libre de 36'.
Tejon Ranch Company a déjà développé 8,2 millions de pieds carrés d'espace industriel au TRCC, avec 11,1 millions de pieds carrés de propriétés autorisées restantes. L'entreprise possède également 674 000 pieds carrés de développement commercial, y compris les Outlets de Tejon. De plus, le premier projet résidentiel de Tejon Ranch Company, Terra Vista à Tejon, devrait ouvrir sa première phase de 228 unités au printemps 2025.
Tejon Ranch Company (NYSE: TRC) hat eine Joint Venture mit Dedeaux Properties angekündigt, um ein lagerhaus mit 510.500 Quadratfuß im Tejon Ranch Commerce Center (TRCC) zu entwickeln. Das TRCC befindet sich an der Kreuzung von Interstate 5 und Highway 99 und dient als wichtiges Logistikzentrum für Kalifornien und den Westen der Vereinigten Staaten. Das neue Lager wird auf einem 25 Acres großen Grundstück mit direktem Zugang zur Interstate 5 errichtet und ist als Class-A unterteilbare Cross-Dock-Anlage mit einer Lkw-Hofgröße von 185 Fuß und eine klare Höhe von 36 Fuß konzipiert.
Tejon Ranch Company hat bereits 8,2 Millionen Quadratfuß an Industriefläche im TRCC entwickelt, mit weiteren 11,1 Millionen Quadratfuß an genehmigten Flächen, die verbleiben. Das Unternehmen verfügt auch über 674.000 Quadratfuß an gewerblicher Entwicklung, einschließlich der Outlets in Tejon. Darüber hinaus wird das erste Wohnprojekt von Tejon Ranch Company, Terra Vista at Tejon, im Frühjahr 2025 seine erste Phase mit 228 Einheiten eröffnen.
- Joint venture with Dedeaux Properties to develop a 510,500-square-foot industrial warehouse
- 100% occupancy of existing industrial space at TRCC
- Strategic location serving 90% of California consumers within a single day truck turn
- 8.2 million square feet of industrial development already realized at TRCC
- 11.1 million square feet of entitled property remaining for future development
- Outlets at Tejon celebrating 10th anniversary with over 90% occupancy
- First phase of residential project Terra Vista at Tejon set to open in Spring 2025
- None.
Insights
This joint venture between Tejon Ranch Company and Dedeaux Properties to develop a 510,500-square-foot industrial warehouse is a significant move in the logistics real estate sector. The project's location at the Tejon Ranch Commerce Center (TRCC) is strategically important, offering access to major highways and the ability to serve 90% of California consumers within a single day.
The development highlights the strong demand for industrial space in this area, with TRCC currently at 100% occupancy for industrial properties. This new facility will help meet the growing needs of third-party logistics companies and major retailers looking for efficient distribution hubs.
For investors, this project represents potential for long-term revenue growth and asset appreciation. The Class-A specifications of the warehouse, including its divisible cross-dock design and 36' clear height, position it as a premium offering in the market. The partnership with Dedeaux Properties, an experienced developer in Southern California, adds credibility to the project and may help attract high-quality tenants.
While the immediate financial impact on Tejon Ranch Company may be , this development reinforces the company's strategy of monetizing its land assets and expanding its industrial portfolio. The success of this project could lead to further developments and partnerships, potentially driving future growth for TRC shareholders.
The announcement of this joint venture reflects broader trends in the industrial real estate market. The continued growth of e-commerce and the need for efficient supply chain logistics are driving demand for strategically located distribution centers. TRCC's position at the intersection of major highways makes it an attractive location for companies looking to optimize their distribution networks.
The 100% occupancy rate of existing industrial space at TRCC indicates strong market fundamentals in the region. This new development is likely to be well-received by potential tenants, given the scarcity of available space and the strategic advantages of the location.
The inclusion of divisible space in the warehouse design is a smart move, offering flexibility to accommodate multiple tenants or allow for future expansion. This adaptability could enhance the property's long-term value and occupancy rates.
For Tejon Ranch Company, this project represents a continuation of its successful development strategy at TRCC. With 8.2 million square feet already developed and 11.1 million square feet of entitled property remaining, TRC has significant potential for future growth in its industrial portfolio. The diversification into residential development with the upcoming Terra Vista at Tejon project further strengthens the company's position in the real estate market.
TEJON RANCH, Calif., Oct. 10, 2024 (GLOBE NEWSWIRE) -- Tejon Ranch Company (NYSE: TRC) announced today that it has signed a joint venture agreement with Dedeaux Properties to develop and lease an approximately 510,500-square-foot, state-of-the-art industrial warehouse at the Tejon Ranch Commerce Center (TRCC). Located at the intersection of Interstate 5 and Highway 99, TRCC is a mixed-use master planned community that operates as an important logistics hub serving all of California and the western United States, driving economic growth for Kern County.
As the master developer of TRCC, Tejon has realized 8.2 million square feet in industrial development with an additional 11.1 million square feet of entitled property remaining. TRCC also has 674,000 square feet of existing commercial development, including the Outlets at Tejon that just celebrated its 10th anniversary with over
“Our new partnership with Dedeaux Properties reinforces our commitment to growing Tejon Ranch Company’s portfolio of Class-A industrial assets at TRCC,” stated Derek C. Abbott, Executive Vice President of Real Estate at Tejon Ranch Company. “We currently enjoy
This new industrial warehouse will be located on a 25-acre parcel just east of Interstate 5, giving it near immediate access to California’s primary north/south highway and the ability to serve
Dedeaux completed its first development of a site in TRCC earlier this year on land acquired from Tejon Ranch Company. One of the most active developers of logistics-oriented facilities in Southern California, Dedeaux delivered a 250,000-square-foot warehouse building at TRCC which was sold at completion to a national clothing and textile distributor.
“We learned from our first development that both third-party logistics companies and major retailers are finding that TRCC has become an efficient distribution hub for shipping goods throughout California and the West,” said Brett Dedeaux, Chief Executive & Manager of Dedeaux Properties. “This is a terrific opportunity to team with Tejon Ranch Company to bring additional top-tier industrial space to meet the tremendous demand we are finding here.”
JLL’s Mac Hewett, Mike McCrary, and Brent Weirick will serve as the listing agents for this new industrial facility.
About Tejon Ranch Company
Tejon Ranch Company (NYSE: TRC) is a 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. For more information on the company, please visit www.tejonranch.com.
About Tejon Ranch Commerce Center
Tejon Ranch Commerce Center (TRCC) is a premier mixed-use development, strategically positioned at the crossroads of Interstate 5 and Highway 99, just 40 minutes north of Santa Clarita. Covering 1,450 acres, TRCC features a strategic mix of commercial, industrial, and residential opportunities. This dynamic center has attracted a wide array of businesses, including several Fortune 500 companies, and a large employment base of 5,000 employees. Committed to sustainable growth, TRCC continuously enhances its offerings through value-driven projects, including Terra Vista at Tejon, a multi-family development slated to open in spring 2025.
About Dedeaux Properties
Los Angeles-based Dedeaux Properties, LLC focuses on the investment and development of logistics-oriented properties and is affiliated with family-controlled DART Warehouse Corporation, a national full-service logistics provider founded in 1936. In addition to a portfolio of 13.5 million square feet of industrial space, Dedeaux Properties has an active pipeline of more than two million square feet of industrial properties, including warehouse/distribution, truck terminals, trailer yards, and cold storage facilities.
MEDIA CONTACT
Nick Ortiz
SVP, Corporate Communications & Public Affairs
661-663-4212
nortiz@tejonranch.com
Dedeaux: Bruce Beck DB&R
bruce@dbrpr.com
(818) 540-8077
FAQ
What is the size of the new industrial warehouse being developed by Tejon Ranch Company and Dedeaux Properties?
Where is the Tejon Ranch Commerce Center (TRCC) located?
How much industrial space has Tejon Ranch Company (TRC) already developed at TRCC?
When is the first phase of Tejon Ranch Company's (TRC) residential project, Terra Vista at Tejon, expected to open?
