TEJON RANCH, Calif. – August 7, 2014 – Tejon Ranch Company (NYSE: TRC) and The Rockefeller Group today celebrated the Grand Opening of the Outlets at Tejon, an upscale 320,000-square-foot outdoor shopping center with more than 70 retailers on 43 acres.
The new center is located on Interstate 5, one of California’s most traveled highways, between Los Angeles and Bakersfield. Demand from major domestic and international retailers brought the new outlets to full occupancy prior to opening, with a high-profile tenant roster that includes the only Pottery Barn outlet store in California, as well as apparel and accessories retailers Michael Kors, H&M, Coach, Banana Republic, J. Crew, Nike and dozens of others. A full list may be viewed at http://tejonoutlets.com/finder.php.
The Grand Opening celebration comes one day after the sold-out VIP Preview Party, which brought thousands of shoppers and guests to the center for an evening of advance shopping, discounts, food and live entertainment. Nearly $100,000 was raised for seven local charities which sold tickets to the event, including the American Red Cross, Boys and Girls Clubs of Kern County, Boys and Girls Club of Santa Clarita, CASA, Junior League, Links for Life and The Painted Turtle. The event was also eco-friendly, thanks to Price Disposal, which donated service ware made from all-natural, compostable materials.
Between 200,000 and 250,000 shoppers are expected to visit the center during its inaugural weekend, which ends Sunday, August 10. The weekend will feature fashion giveaways and consultations from celebrity stylist Mark-Alan Harmon, as well as family activities, music and entertainment. The Outlets at Tejon will be open Monday through Saturday from 10 a.m. to 9 p.m. and on Sunday 10 a.m. to 8 p.m.
“The enormous demand we’ve seen from retailers for space at the Outlets at Tejon can be attributed in large part to the changes in the retail landscape today with consumers placing more emphasis on the shopping experience and value,” said Gregory S. Bielli, President and Chief Executive Officer of Tejon Ranch Company. “The collection of shops that have joined the center will deliver high quality retail at great value. Combined with its spectacular Tejon Ranch setting, the Outlets at Tejon is a trip worth taking and a stop worth making.”
Atsushi Nakajima, President and Chief Executive Officer of The Rockefeller Group, said, “We’re proud to partner with Tejon Ranch Company on this outstanding project. The strong demand from such great brands is a testament to the high desirability of this location, and from this day forward should establish the Outlets at Tejon as a major shopping destination for area residents as well as tourists.”
The Outlets at Tejon benefits from favorable regional demographics, with 3.2 million people living within an hour’s drive, including the residents of Bakersfield and the Northwest Los Angeles communities of Santa Clarita, Valencia, Castaic, Lancaster and Palmdale. In addition, approximately 65 million travelers pass by the location annually on their way north or south on Interstate 5.
“High-quality, designer brands at value prices; a highly trafficked, internationally known location; a beautiful, high-quality center reflective of the names Tejon Ranch and Rockefeller – these are the keys that have driven this project’s success,” said Hugh McMahon, Senior Vice-President of Commercial and Industrial Real Estate for Tejon Ranch Co.
Tom McCormick, Senior Vice-President and Regional Development Officer for The Rockefeller Group, based in Irvine, Calif., added, “This was a missing component in the region, and we think it will have the opportunity to thrive by bringing together the best in retail with thoughtful design and compelling demographics.”
Design was an important component of the overall plan, with the architectural firm Adams & Associates creating a center that is authentic to the historic and scenic environment of Tejon Ranch. Landscaped grounds, water features and relaxing furniture for guests complement open-air courtyards and curving retail promenades. A signature design feature is a replica of Bakersfield’s Beale Clock Tower – a historic landmark that was built by the original owners of Tejon Ranch.
Avison Young, led by outlet property specialists Lisa Wagner and David Hinkle, assisted in the development and roll-out of the new center, while the leasing effort was led by EB Development. The general contractor was Layton Construction Co. Inc. of Salt Lake City, Utah.
More information and a full schedule of Grand Opening events is available online at www.TejonOutlets.com.
Tejon Ranch Company is a publicly traded diversified real estate development and agribusiness company whose primary asset is California’s historic Tejon Ranch. Located between Los Angeles and Bakersfield, the 270,000-acre ranch is the largest single piece of private property in the state of California. More information is available at www.TejonRanch.com.
The Rockefeller Group is a leading global real estate owner, developer and investment manager. The company has engaged in some of America’s most significant and recognizable real estate endeavors, beginning with the development of Rockefeller Center, one of the world’s finest urban mixed-use complexes combining prime office and retail space in a superior location. The company is wholly-owned by Mitsubishi Estate Co. Ltd., one of the world’s largest real estate investment and development companies, which has completed eight outlet centers in Japan. Visit www.RockefellerGroup.com.
Casey & Sayre, Inc.
Tejon Ranch Company
Barry Zoeller, Vice President, Corporate Communications & Marketing
The Rockefeller Group
Dwayne Doherty, Vice President, Corporate Communications
Lisa Wagner, Principal
Brian P. Hassett, General Manager
July 15, 2014 (Tejon Ranch, CA) Tejon Ranch Co. (NYSE: TRC) announced today that it has acquired full ownership of Tejon Mountain Village LLC, having purchased the interest of DMB TMV, LLC (DMB), its partner in the joint venture, for $70 million in cash.
Tejon Ranch Co.’s decision to obtain full ownership of Tejon Mountain Village reflects the company’s growth as a fully integrated real estate company and demonstrates its complete confidence in the future success of the development. As Tejon Mountain Village has achieved full entitlement and is poised to enter the next stages of implementation, Tejon Ranch Co. believed it was important to acquire complete ownership of this significant real estate asset which is located in the heart of its 270,000-acre land holdings. This is consistent with the direction provided by Tejon Ranch Co.’s Board of Directors to develop and enhance the overall entitlement, development and marketing opportunities inherent in the company’s real estate holdings.
“We appreciate and recognize the efforts of DMB in helping us achieve full entitlement for Tejon Mountain Village,” said Gregory S. Bielli, President and CEO of Tejon Ranch Co. “As we progress to the next phases of implementation of this remarkable mountain community, Tejon Ranch Co. looks forward to leading that effort.”
Tejon Mountain Village is planned to be a 26,000-acre residential/resort community located along the ridges and valleys of the Tehachapi Mountains in Tejon Ranch’s beautiful high country.
About Tejon Ranch Co.:
Tejon Ranch Co. 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.
More information about Tejon Ranch Co. can be found online at http://www.tejonranch.com.
Forward Looking Statements:
The statements contained herein, which are not historical facts, are forward-looking statements based on economic forecasts, strategic plans and other factors, which by their nature involve risk and uncertainties. In particular, among the factors that could cause actual results to differ materially are the following: business conditions and the general economy, future changes to primary home and secondary home markets, future changes to development costs, the ability to obtain various governmental permits, interest rates and other risks inherent in real estate businesses. For further information on factors that could affect the Company, the reader should refer to the Company’s filings with the Securities and Exchange Commission.
CONTACT: Barry Zoeller, Vice President
Corporate Communications & Marketing
TEJON RANCH, CA (November 7, 2013) Construction is well underway on The Outlets at Tejon Ranch, California’s newest outlet shopping center. Developed by Tejon Ranch Co. (NYSE: TRC) and The Rockefeller Group, the 320,000-square foot upscale outlet center is located just over the Grapevine on Interstate 5, one of California’s most traveled highways. The new center will occupy a 43-acre site within the historic and scenic landscape of Tejon Ranch and is easily accessible from Los Angeles, Bakersfield, Santa Clarita, the Antelope Valley and the San Fernando Valley.
“We are getting incredible interest from top retailers who realize the vast potential of this unparalleled location,” said Gregory S. Bielli, President of Tejon Ranch Co. “Research shows consumers are increasingly looking for designer brands at value prices and are therefore turning to outlet centers to do their shopping. For the first time, this unique stretch of California will have a first-class, accessible value retail destination within reach.”
“This location benefits from simply incredible demographics,” said Tom McCormick, a Senior Vice President of The Rockefeller Group’s western region development division. “Our research has shown that more than 3.2 million people live within an hour’s drive of the site at the Tejon Ranch Commerce Center. One of the top-five-performing Starbucks in the country is located just across the freeway. And 65 million travelers pass by annually, with 14 million of them stopping every year – all before the outlets are completed. It’s the perfect spot.”
Even with the success of the Tejon Ranch Commerce Center, the surrounding market is generally considered to be underserved when it comes to retail.
“We wanted to bring an offering to this region that was needed—and create something special in meeting that need,” added Hugh McMahon, Vice President of Commercial & Industrial Real Estate for Tejon Ranch Co. “A high-quality outlet center featuring designer brands at everyday value prices certainly fits the bill.”
Inspired by the history and dramatic landscape of the area, architects Ross Adams & Associates designed the center to seamlessly integrate into its natural surroundings. A replica of Bakersfield’s Beale Clock Tower—a historical landmark—will serve as a signature architectural feature at The Outlets at Tejon Ranch. Lushly landscaped grounds will create an oasis for visitors with large courtyards throughout accented with water features and relaxing furniture for guests to lounge and enjoy the scenery. The circular shape of the center will allow shoppers to easily navigate the more than 70 premier stores offering a wide selection of top designer and value retail brands in fashion, footwear, accessories, home goods and more. The open air layout is environmentally friendly, providing fresh air and sunlight and buildings will be topped with “cool roofs” to deflect heat and provide shade for shoppers.
Leasing of The Outlets at Tejon Ranch is being handled by EWB Development LLC, one of the country’s foremost experts in outlet leasing, marketing and development. Layton Construction Co., Inc., of Salt Lake City, Utah, is serving as general contractor.
The Outlets at Tejon Ranch is expected to welcome its first shoppers in August 2014.
About Tejon Ranch
Tejon Ranch Co. 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. More information about Tejon Ranch Co. can be found online at http://www.tejonranch.com.
About The Rockefeller Group
The Rockefeller Group is a leading global real estate owner, developer and investor. It was founded more than 80 years ago to develop Rockefeller Center in New York, one of the world’s premier examples of successful mixed-use development combining prime office and retail space in a superior location. Since that time, The Rockefeller Group has completed nearly 40 million square feet of development projects throughout the United States. The company is a wholly-owned subsidiary of Mitsubishi Estate Co. Ltd., one of the world’s largest real estate investment and development companies, which has completed eight outlet centers in Japan.
About EWB Development LLC
As the largest third-party provider of outlet center development consultation services in the industry, EWB Development, LLC provides strategic direction, marketing consultation, management and leasing to existing and prospective outlet properties in the United States and throughout the world. EWB has participated in and/or directed the development programs of more than 50 outlet centers in the U.S., Europe and Canada, and has overseen the ongoing marketing, leasing, and management of dozens more. For more information, visit the company’s website at www.ewbdevelopment.com
By Roger Vincent, Los Angeles Times
5:00 AM PST, November 7, 2013
After a tedious car trip along Interstate 5’s fabled Grapevine stretching north through the Tehachapi Mountains, nothing seems more welcome at times than the oasis of ready food and hot coffee brewing. Soon, you can do some serious shopping too. One of the most popular stops for California travelers is about to get another roadside attraction: a $90-million outlet shopping center with more than 70 stores.
The site where I-5 and Highway 99 meet already lures 14 million people a year out of their cars, its owners said. The Starbucks there consistently ranks among the chain’s five busiest in the country. With that pipeline of visitors in mind, developers have begun work on the Outlets at Tejon Ranch, a large outdoor mall intended to offer designer-brand merchandise at value prices. It is being built by landowner Tejon Ranch Co. and New York real estate investment firm the Rockefeller Group.
View the full article from the Los Angeles Times website or the PDF.
BY JOHN COX Californian staff writer email@example.com
Tejon Ranch Co. has launched plans to build 12,000 homes, condos and apartment units at the foot of the Grapevine as part of a phased, master-planned community that would house what the company expects will be a large influx of industrial and retail workers in coming years.
View the full article.
By The Bakersfield Californian
Generally speaking, we fare better when new development is contiguous to existing development, or, better yet, replaces blighted, out-ofplaceor inefficient areas within an established urban footprint. The infrastructure is already in place, water needs are somewhat accounted for and farmland or other resources are not diminished.
Tejon Ranch Co.’s proposed development, known simply as Grapevine, could be an exception to that infill ideal — but only if the Kern County Board of Supervisors demands it. Done right, the company’s plan to build 12,000 homes and apartment units on 8,000 acres at the southern base of the valley floor — on rural land 30 miles south of Bakersfield — could have some advantages.
View the full article
(Tejon Ranch, CA) Tejon Ranch Co. (NYSE: TRC) announced today that it has hired Gregory S. Bielli to be the Company’s new President and CEO. Bielli, who is 53, will replace the Company’s long standing CEO, Robert A. Stine when Stine retires at the end of this year. Bielli will join the Company in September and will be the President and Chief Operating Officer until Stine’s retirement.
Bielli has nearly 25 years experience in real estate, land acquisition, development and financing. He comes to Tejon Ranch most recently from Newland Communities, one of the country’s largest and most successful master planned community developers. As President of Newland’s Western Region, Bielli was responsible for overseeing management of all operational aspects of Newland’s portfolio of master planned residential, commercial and retail real estate projects in the region. He was also responsible for growth and acquisitions in the region that includes the states of Arizona, California and Colorado.
“We are very pleased Greg Bielli will be joining Tejon Ranch Company,” said Kent Snyder, Chairman of the Tejon Ranch Board of Directors. “We believe that with his skills, capabilities and experience, he is the ideal person to assume leadership of this great Company.”
“This is a tremendous opportunity for me and I’m grateful the Board is entrusting me with this important responsibility,” said Bielli. “Tejon Ranch has a remarkable legacy and Bob Stine’s 17 years at the helm has been a significant part of the story of Tejon Ranch. The Ranch has an equally exciting future and I’m happy to be chosen to lead the next chapter.”
Bielli earned a bachelor’s degree in Political Science from the University of Arizona in 1983. He and his wife Vicki will be relocating to Bakersfield, California.
Deb Barbanel, the Global Head of Real Estate for the executive search firm Russell Reynolds Associates, led the initiative on behalf of Tejon Ranch Company.
May 7, 2013 – Tejon Ranch, CA – (BusinessWire) – Robert A. Stine, President and CEO of Tejon Ranch Company, announced today that he plans to retire at the end of 2013. He made the announcement at the Company’s Annual Shareholders’ Meeting. Mr. Stine, whose 17 years at the helm of Tejon Ranch makes him the longest-tenured CEO in the Company’s history, will continue to serve on its Board of Directors.
After becoming aware of Mr. Stine’s intention to retire, the Board began to implement the Company’s succession plan, which it reviews and updates on an annual basis. A Board committee, headed by independent director John Goolsby, was formed to lead the effort to locate Mr. Stine’s successor and has retained the services of an executive search firm to help identify qualified candidates, both internal and external.
“Bob Stine has established quite a legacy,” said Kent G. Snyder, chairman of the board of Tejon Ranch Company. “In 1996, when he took over leadership of Tejon Ranch, the company was primarily focused on its ranching and farming operations. In his 17 years at the Ranch, he has transformed Tejon into a truly diversified land development and agribusiness company committed to building long-term shareholder value.”
“The last 17 years have been the highlight of my career,” said Stine. “It’s been a privilege and an honor to work on this California landmark and I’m proud of what we accomplished—creating a master plan for the entire Ranch; successfully entitling Tejon Mountain Village and the Tejon Ranch Commerce Center; seeing the growth in industrial and commercial development at the Commerce Center and its emergence as a prime retail destination, highlighted by the prospect of the forthcoming Outlets at Tejon Ranch; and negotiating California’s most significant private conservation agreement. There are many more milestones I could list, but instead of looking back, it’s more important we look forward. The future of Tejon Ranch is extraordinarily bright, but it’s time for me to move to the next chapter of my life and turn over the reins of the company to new leadership. My retirement from full time employment will allow my wife and me more time to be with our growing grandchildren and for travel. I look forward to working with the new president, as a member of the board, and watching Tejon Ranch Company continue to grow.”
The Board will continue to review and interview prospective candidates with the intention of having a new president in place well before Mr. Stine retires. It believes it is important, as noted in the succession plan, that there be an orderly transition in leadership.
Plan Allows for Development While Providing Protections to California Condor and 24 Other Species
Tejon Ranch, Calif. — U.S. Fish and Wildlife Service Director Dan Ashe joined Tejon Ranch Company President and CEO Robert A. Stine and representatives from other partner agencies and conservation advocates at the company’s headquarters today to formally announce the successful completion and Service approval of a Habitat Conservation Plan that will provide specific protections for 25 species, including the California condor, while permitting limited development and other land use activities on designated ranch lands.
Fifteen years in the making, the Tehachapi Uplands Multiple Species Habitat Conservation Plan (TUMSHCP) was prepared by Tejon Ranch Company and its partner, DMB Pacific Ventures, in cooperation with the Service. It will protect wildlife habitat and enhance species conservation on 141,866 acres of ranch lands and is the first such plan to focus primarily on conserving habitat and creating a study area for the iconic California condor.
Founded in 1843, Tejon Ranch is the largest contiguous expanse of private land in California and its 270,000 acres provides habitat to hundreds of plant and animal species.
The Service’s approval of the plan provides a 50-year incidental take permit to the Tejon Ranch Company which will give the company certainty that it will be in compliance with the federal Endangered Species Act (ESA) when it proceeds with various land-use and development activities. The Service’s permit does not authorize lethal take of a condor, nor does it allow take caused by hunting or mineral extraction.
Of the 141, 866 acres covered by the Plan, more than 129,000 acres will be conserved in perpetuity. The conserved lands include a 37,100 acre ridge line area of the ranch historically and currently used by California condors that’s been designated as a Condor Study Area. Also included are a 5,553 acre mountain resort and other development in southern Kern County.
“The Plan we celebrate today is the result of many people thinking big ideas about wildlife conservation,” said Service Director Dan Ashe. “It is a landmark plan with a landscape view of conservation, and helps ensure California condors, birds and other rare wildlife will remain a vital part of this landscape for years to come.”
“The multiple year process was both a challenge and a journey for all parties involved, but it was a journey worth taking,” said Tejon Ranch Company President and CEO Robert A. Stine, “The end result is an incredible success story for the HCP process with the signing of this permit covering nearly 142,000 acres of incredible California landscape and protecting not only the California condor, but 24 additional species as well.”
In 2007, Tejon Ranch Company was the first private land owner in California to voluntarily ban the use of lead ammunition on its lands. The action took place in advance of state legislation in 2008 that banned the use of lead ammunition within the range of the California condor. In 2008, the company signed the Tejon Ranch Conservation and Land Use Agreement with Audubon California, the Endangered Habitats League, Natural Resources Defense Council, the Planning and Conservation League, and the Sierra Club to preserve up to 240,000 acres of ranch lands and create the non-profit Tejon Ranch Conservancy to manage the lands.
“As one of its key participants, DMB Pacific Ventures believes that the Plan complements the objectives incorporated into the Tejon Ranch Conservation and Land Use Agreement – a collaborative agreement between the Ranch and the nation’s leading environmental advocates which conserved 90 percent of the 270,000-acre property,” said Eneas Kane, Managing Director and CEO of DMB Pacific Ventures. “We’re also proud of the working relationship that DMB Pacific Ventures has established with the Service on behalf of Tejon Ranch.”
In addition to the California condor, the TUMSHCP provides protections for two other birds protected by the ESA: least Bell’s vireo and southwestern willow flycatcher. Another bird, the western yellow-billed cuckoo, is a candidate for ESA protection. A list of species covered under the TUMSHCP and other documents, including the Record of Decision are available at: http://1.usa.gov/194uD9c .