Tejon Ranch Company and Dedeaux Properties Announce Joint Venture to Develop Industrial Warehouse at the Tejon Ranch Commerce Center
TEJON RANCH, CA, October 10, 2024 – 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 90% occupancy. Tejon Ranch Company’s first residential offering, the 228-unit first phase of Terra Vista at Tejon, an apartment home community that will feature up to 495 units, will open in Spring 2025.
“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 100% occupancy of industrial space at TRCC, and this project brings new supply to serve tenants actively seeking the advantages that our strategic location, strong labor pool and operational efficiencies can provide.”
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 90% of California consumers within a single day truck turn. The partners have designed the new warehouse as a Class-A divisible cross-dock facility with 185’ truck courts and 36’ clear height.
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.
MEDIA CONTACT
Nick Ortiz
SVP, Corporate Communications & Public Affairs
661-663-4212
Dedeaux: Bruce Beck DB&R
(818) 540-8077
