Tejon Ranch Co. and Majestic Realty Co. have formed a new joint venture to construct a 580,000-square-foot industrial facility.
The speculative industrial building at the Tejon Ranch Commerce Center in Lebec will be located next to a 480,480-square-foot building that Tejon and Majestic built in 2017 and subsequently leased to Dollar General and L’Oréal USA.
“There continues to be a very tight market in terms of both available product and land available for the development of large-scale distribution centers in Southern California,” Majestic Senior Vice President Brett Tremaine said in a statement. “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.”
Construction is expected to begin later this year or early 2019, with completion anticipated in the third quarter of 2019.
Colliers International Senior Executive Vice President John DeGrinis, Senior Vice President Patrick DuRoss and Vice President Jeff Abraham are the leasing brokers for the building. I
Shares of Tejon Ranch (TRC) closed Tuesday down 38 cents, or 2 percent, to $18.75 on the New York Stock Exchange.