Tejon Ranch Co. (NYSE: TRC) announced today the appointment of Brett A. Brown as Executive Vice President and Chief Financial Officer. Brown was most recently Executive Vice President, Chief Financial Officer, and Treasurer at Alexander & Baldwin, Inc. (NYSE: ALEX), in Honolulu, HI. Brown will assume the position from current CFO Allen Lyda, who will continue his other responsibilities as Executive Vice President and Chief Operating Officer. Brown will report directly to Lyda in his new role.
“We are extremely pleased to have a person of the caliber and experience of Brett Brown join our executive management team,” said Gregory S. Bielli, President and CEO of Tejon Ranch Co. “This is an extremely important position and we’re confident, with Brett’s professional experience in this type of role, that he is the right person to manage the company’s capital funding activities, financial operations and reporting.”
Over the course of more than three decades, Brown has worked exclusively in the real estate industry, both with public and privately held companies, as well as Real Estate Investment Trusts.
In addition to Alexander & Baldwin, Brown worked for 13 years with IRC Retail Centers/Inland Real Estate Corporation (NYSE: IRC) in Oak Brook, Illinois, where he also served as Executive Vice President, Chief Financial Officer, and Treasurer.
Brown earned a Bachelor of Science, Accountancy, from Northern Illinois University. He is a member of the National Association of Real Estate Investment Trusts, International Council of Shopping Centers, and the American Institute of Certified Public Accountants.
https://tejonranch.com/Online-2022-Annual-Report/
The 2022 Online Annual Report is now available for viewing.
TEJON RANCH, Calif. (January 5, 2023) – The partnership of Tejon Ranch Co. (NYSE: TRC) and Majestic Realty Co. today announced it has secured—in advance of construction– a full-building lease of the next industrial facility planned for its growing portfolio of industrial properties. The 446,000-square-foot industrial distribution facility will be occupied by Sunrise Brands, a leading designer, producer, distributor, and retailer of both branded and private-label apparel.
This newest transaction comes on the heels of the joint venture completing and leasing an adjacent 629,274-square foot distribution center at TRCC to a major retailer. Construction of the new building leased to Sunrise Brands is expected to begin in the first quarter of this year with completion anticipated in the first quarter of 2024. Until the new facility is ready, Sunrise will temporarily occupy 240,000-square feet of space in another building owned by a Tejon-Majestic joint venture partnership.
These two most-recent deals follow a series of transactions over the last 18 months at TRCC involving four building sites, comprised of more than 2.5 million square feet of industrial space currently under construction or planned for construction in 2023. TRCC continues to be 100% leased and 100% occupied.
“We are pleased to be able to accommodate the needs of Sunrise Brands, both for a new building and for temporary space while their building is being built,” said Derek C. Abbott, executive vice president of real estate at Tejon Ranch Co. “The pro-business approach of Kern County government, coupled with our substantial inventory of already entitled industrial space, gives us the ability to be flexible—and move quickly, as we’ve been able to do with Sunrise. All of this further enhances Tejon Ranch’s established reputation as a proven and opportune place for companies wanting to locate or expand in California.”
“We’re excited to deliver and continue to expand upon a very clear, shared vision with our partners at Tejon Ranch Co. with the addition of our fifth industrial building,” said Brett Tremaine, executive vice president at Majestic Realty Co. “The fact that it was leased prior to construction even beginning is evidence of the continued strength of the market, as well as the many advantages found with TRCC’s strategic location, building amenities and direct access to an outstanding labor pool.”
The new building to be occupied by Sunrise Brands will be a Class A, single load industrial building featuring a 36-foot clear height, seven-inch floor slab and an ESFR sprinkler system. Overall, the Tejon Ranch Commerce Center has nearly 12 million square feet of additional entitled space remaining available for lease, build-to-suit, or sale, with sites accommodating buildings ranging from 20,000 to more than 2 million square feet. The JLL team of Mike McCrary, Mac Hewett, Brent Weirick and Peter McWilliams served as listing brokers for the transaction. Mike Catalano and Joe Dimola of Savills, Inc. represented Sunrise Brands.
The Tejon Ranch Commerce Center is Tejon Ranch Co.’s 1,450-acre master planned commercial/industrial development located at the junction of Interstate 5 and Highway 99, about an hour north of the Los Angeles basin. TRCC is also home to multiple distribution centers for IKEA, Camping World, Caterpillar Inc., Dollar General, Famous Footwear, L’Oréal, and others.
All the industrial sites at TRCC are included in Foreign Trade Zone #276, and additionally, companies locating at TRCC are eligible to apply for tax rebate incentives being offered by Kern County.
Tejon Ranch Co. Announces Settlement of Litigation Related to the Tejon Ranch Conservation and Land Use Agreement
TEJON RANCH, Calif., Nov. 30, 2022 (GLOBE NEWSWIRE) — Tejon Ranch Co. is pleased to announce the resolution of a legal dispute involving the Tejon Ranch Conservancy and the signatories to the 2008 Tejon Ranch Conservation and Land Use Agreement (Agreement), namely, Audubon California, Endangered Habitats League, Natural Resources Defense Council, Planning and Conservation League, and the Sierra Club. The dispute stemmed from the signatories’ participation in the Antelope Valley Regional Conservation Strategy (AVRCIS), which was subsequently used by the Center for Biological Diversity (CBD) and the California Native Plant Society (CNPS) to oppose Tejon Ranch Co.’s Centennial development.
The 2008 Tejon Ranch Conservation and Land Use Agreement has been widely hailed as a historic conservation achievement in preserving one of California’s great natural and working landscapes. Tejon Ranch Co.’s agreement to conserve 90 percent of its landholdings pursuant to the Agreement is a monumental contribution to conservation in California. Tejon Ranch Co. continues to be a leader in balancing the stewardship of the ranch as a natural treasure for California and achieving economic opportunities for its shareholders. The Company demonstrated that leadership with the actions it took to enforce the terms of the Agreement, which led to this legal dispute.
As part of a settlement agreement, the Conservancy and the signatories dismissed with prejudice the lawsuit they filed. They also acknowledge that the AVRCIS does not contain the “best available scientific data” regarding Tejon Ranch Co.’s landholdings, and further, that they will not use, or support the use of, the AVRCIS or any other similar endeavors, to challenge Tejon Ranch Co.’s development projects and/or any Ranch uses consistent with the Agreement.
In turn, Tejon Ranch Co. released from escrow 50% of the advance payments it withheld under the terms of the Agreement. The remaining funds will be released over a three-year period as matching funds to monies raised by the Conservancy as well as others who participate in Conservancy capital raising programs, after which the remaining funds with be released to the Conservancy to further its mission. These funds are the final fulfilment of Tejon Ranch Co.’s full funding obligations under the Agreement, totaling $11,760,000 over the past 14 years, again demonstrating Tejon Ranch Co.’s commitment to fulfilling the implementation of the 2008 Tejon Ranch Conservation and Land Use Agreement.
All parties are glad to put this dispute behind them and move forward in a cooperative manner to achieve the goals envisioned in the historic 2008 Agreement.
About Tejon Ranch Co.
Tejon Ranch Co. (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. More information about Tejon Ranch Co. can be found on the Company’s website at www.tejonranch.com.
Forward Looking Statements
This press release contains forward-looking statements, including without limitation statements regarding commitments of the parties under the settlement agreement and the achievement of certain goals related to Tejon Ranch Co.’s landholdings. These forward-looking statements are not a guarantee of future results, performance, or achievements, are subject to assumptions and involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance, or achievements to differ materially from those implied by such forward-looking statements. These risks, uncertainties and important factors include, but are not limited to, the ability and willingness of the parties to the Settlement Agreement to take the actions (or refrain from taking the actions) specified in the Settlement Agreement, and the risks described in the section entitled “Risk Factors” in our annual and quarterly reports filed with the SEC.
Tejon Ranch Co. and Majestic Realty Co. form a new Joint Venture to build up to 495 apartments next to the Outlets at Tejon
(Tejon Ranch, CA) – Tejon Ranch Co. (NYSE: TRC) announced today it has formed a new joint venture partnership with Majestic Realty Co., the nation’s largest privately-held developer of industrial properties with a growing portfolio of commercial and multi-family residential projects as well, to develop up to 495 apartment units on the east side of the Tejon Ranch Commerce Center (TRCC) immediately adjacent to the Outlets at Tejon. The project will complement the Outlets and is expected to generate additional activity at both the Outlets and throughout the entire Tejon Ranch Commerce Center.
The new multi-family residential apartment community consists of up to 495 units and associated amenities located on approximately 22 acres just to the north of the Outlets. The apartments will bring a new energy to TRCC as it transforms the already-successful employment center, with more than six million square feet developed to-date, into a mixed-use community where people can live, work and play. The new multi-family residential community is the latest example of Tejon Ranch Co.’s growth as a fully integrated real estate development and operating company.
“We are excited to develop this much-needed housing community for the large and growing workforce at TRCC, providing an opportunity for employees of the various businesses at TRCC to enjoy a quality living environment near their work, reduce their transportation costs, commute times and vehicle miles traveled, all while enhancing their work-life balance,” said Hugh F. McMahon, Tejon Ranch Co.’s Executive VP of Real Estate. “We are very pleased to again partner with Majestic Realty Co. and expand upon our outstanding record of success together.”
The project will utilize existing infrastructure serving TRCC and addresses the immediate need for quality housing for the people employed within TRCC, as well as neighboring areas, and provides a great location immediately adjacent to the Outlets. The development will also serve to create new opportunities for development of other lands within TRCC.
The project itself will consist of up to 495 studio, 1-bedroom and 2-bedroom apartments to be developed in multiple phases, and features placemaking amenities, including a mixed-use town square joined with a Main Street feature, a clubhouse, fitness facilities and pool area, and paseos that will provide walkable connectivity throughout. The product mix will be sized, amenitized, and priced accordingly for the target market. Construction is targeted to begin in late 2022, with the delivery of the first units to occur approximately 12 months later at the end of 2023.
Indianapolis-based Scannell Properties acquires 17.1 acres in the Tejon Ranch Commerce Center to build a state-of-the-art, sustainable automated manufacturing facility for Plant Prefab, an award-winning custom builder of high-quality multifamily and single-family housing
(Tejon Ranch, CA) – Tejon Ranch Co. (NYSE: TRC) announced today it has closed on the sale of 17.1 acres of land on the east side of the Tejon Ranch Commerce Center to Scannell Properties, a privately-held real estate development and investment company that focuses on build-to-suit and speculative development of industrial, office and multifamily facilities throughout the U.S., Canada and Europe. There, Scannell will build an approximately 270,000-square-foot manufacturing facility for Rialto, CA-based Plant Prefab.
This new factory – Plant Prefab’s third – will serve as the company’s first automated facility and regional production hub, and will be purpose-built to efficiently manufacture custom-prefabricated panelized and modular building components. The hub facility will allow for the full industrialization of Plant Prefab’s patented Plant Building System™️, which combines advanced engineering with specialized Plant Panels™️ and Plant Modules™️ to build custom housing 20 to 50 percent faster than traditional building methods with up to 30 percent less waste at a 10 to 25 percent cost savings in labor-constrained markets.
“The Tejon Ranch Commerce Center is an outstanding location –with its efficient access to the interstate and strategic location between Los Angeles and the Bay Area, combined with the efficiencies that will be driven by the state-of-the-art facility, Plant Prefab will be able to expand its reach to the entire Western U.S.,” said Jacob Holdeman with Scannell Properties. “They are establishing their flagship facility in a location that represents a strong value proposition when compared to the Inland Empire and joining an area that is expected to continue growing for decades.”
Steve Glenn, Founder and CEO of Plant Prefab, stated, “Opening the hub facility will be a critical milestone that will move Plant Prefab into the next phase of our evolution, enabling us to construct architectural, sustainable housing more time and cost efficiently, and at higher volumes than we could previously. It will also allow us to expand into larger dwelling formats including large-scale student, affordable and market-rate housing to serve a wider universe of clients including real estate, hospitality, and corporate developers. This represents a significant step toward our ultimate goal of helping to address critical housing issues in supply- and labor-constrained markets.”
Plant Prefab’s design and estimating teams are now engaging projects for the new facility, which expects to begin production in January 2023. The launch of the hub will be well timed to help Plant Prefab accommodate rising demand from a growing list of clients, as production contracts have grown by more than 175 percent in the past year alone. Looking ahead, Plant Prefab expects to replicate its hub-and-spoke production model, allowing it to scale efficiently to meet demand across urban infill markets in other regions across the country – including the East Coast – that are similarly well located and primed to serve large populations.
Joseph N. Rentfro, Tejon Ranch Co.’s Executive Vice President of Real Estate, added, “Along with the County of Kern, which awarded Plant Prefab an incentive under the Advance Kern Initiative, we look forward to welcoming this innovative company to Tejon Ranch, as we share their commitment to helping address California’s housing crisis in an efficient, sustainable way. This investment by Scannell Properties, which can – and does – invest all over the world, is further evidence of the strength and appeal of our location. All of our existing industrial space is 100% leased and 100% occupied, and we’re making good progress on a +/- 630,000-square-foot speculative industrial facility we’re building in partnership with Majestic Realty Co., as we look to meet the demand we’re seeing out of Southern California and elsewhere for warehouse, distribution, and now, advanced manufacturing facilities, with Plant Prefab’s new manufacturing hub serving as an example of the type of business identified as a targeted sector for business development in Kern County by the B3K endeavor.”
Tejon Ranch Co. is a participant in B3K Prosperity, a collaboration among business, government and civic stakeholders in Bakersfield and Kern County, whose purpose is to create and deliver a joint strategy and investment plan for regional economic growth and opportunity.
Centennial to be both net-zero energy and net-zero GHG emissions community
Tejon Ranch Co. (NYSE: TRC) and Climate Resolve, a Los Angeles-based nonprofit organization, today announced an unprecedented agreement regarding the Centennial at Tejon Ranch master planned community. The planned development of more than 19,300 homes and 10.1 million square feet of commercial and industrial space, which has received approvals from Los Angeles County, may now proceed to the next steps in the California development process.
Centennial, which has committed to include 3,480 affordable housing units as a part of its Los Angeles County approvals, will now also become a greater net zero project, meeting and exceeding all the state’s goals and requirements to combat climate change.
The enhanced climate and wildfire resilience measures contained in the agreement set a new standard for development in California and represent the largest climate investment by a housing development in the state, a milestone achieved through the cooperation of both Tejon Ranch and Climate Resolve.
As part of the agreement, Climate Resolve has agreed to dismiss with prejudice its claim that the County of Los Angeles violated the California Environmental Quality Act (CEQA) when it approved Centennial in May of 2019.
With the dismissal of the lawsuit, Tejon Ranch Co. retains the legislative approval needed to continue the process that will lead to the development of a well-planned and critically needed community that will bring thousands of homes and jobs to Los Angeles County.
The agreement includes the following measures and features.
- Net Zero GHG Emissions: The community commits to net zero GHG emissions by reducing to zero all emissions through significant on-site and off-site commitments. A large component prioritizes disadvantaged communities, followed by other projects within Los Angeles County, and other parts of southern and central California.
- Electric Vehicle Advancement: Advance the EV future through commitments to install almost 30,000 chargers within and outside the community. Provide incentives to support the purchase of 10,500 electric vehicles.
- Wildfire Prevention: Funding for on-site and off-site fire protection and prevention measures, including fire-resilient design, planning, and vegetation management with benefits to neighboring communities.
- Unrivaled Transparency: Provide annual public reports and create an organization empowered to monitor progress to ensure the agreement results in the benefits identified.
“We are pleased to reach this agreement with Climate Resolve that will enable us to address California’s housing crisis in the most sustainable manner possible,” said Gregory S. Bielli, President and CEO of Tejon Ranch Company. “Tejon Ranch has a legacy of environmental stewardship, as well as using its land to meet major needs in California. More than ever, the state desperately needs the 19,333 housing units Centennial will provide, including the nearly 3,500 affordable units. At the same time, California needs to achieve its climate goals. This agreement outlines a way to create this unique climate-friendly, fire-safe, affordable mixed use master planned community that helps California address its housing needs consistent with the state’s policy goals.”
“Working with Tejon Ranch, we’ve been able to secure the largest climate commitment by a housing development in the state’s history,” said Jonathan Parfrey, Executive Director of Climate Resolve. “We’re setting a new climate standard that surpasses anything previously done in the state. Our agreement builds upon the 2008 Tejon Ranch Conservation and Land Use Agreement and takes the added steps of further protecting the land from the threat of wildfire and zeroing-out greenhouse gas emissions at the Centennial project.”
Both Tejon Ranch Company and Climate Resolve look forward to working together to implement an agreement that sets a new precedent for the development of fire safe, sustainable communities that will meet the needs of California today, and in the future.
