Tejon Ranch Signs Agreements For 570,000 Square Feet For New Lease With Oneida Ltd. And For Expanded Ikea Presence
Wednesday, November 02, 2005
Oneida Ltd. Takes 244,141 Square Feet, IKEA Adds 325,954 Square Feet Of Warehouse Space At Tejon Industrial Complex TEJON RANCH, Calif. (NOV, 2005) – Tejon Ranch Company (NYSE: TRC) announced two lease transactions today with Oneida Ltd. (OTCBB: ONEI) and IKEA. The companies have signed lease agreements totaling approximately 570,000 square feet of space within existing buildings at Tejon Industrial Complex, the 1,450-acre master planned commercial development that anchors California’s central trade corridor.
The commitment by both companies reinforces Tejon Industrial Complex’s presence as a strategic Western location, capable of meeting the demands for warehouse, distribution or manufacturing facilities. These latest transactions will bring the existing 651,909-square-foot modern industrial building to full occupancy.
Oneida Ltd., an international leader in the production and sale of quality tableware products, anticipates that it will begin moving into 244,141 square feet of space in November 2005, and is expected to add up to 100 new jobs at the site.
IKEA, the world’s leading home furnishings retailer, occupies more than two million square feet at Tejon Industrial Complex, inclusive of an expansion lease of 325,954 square feet. Currently, IKEA employs more than 500 at its facility and could add more jobs in 2006 as part of this expansion.
“Tejon Ranch is committed to delivering a site location that meets the needs of today’s industrial companies. We also continue to work hard to provide a solution that will enhance the flow of goods through efficiency, technology and better communication among those involved in the process,” said Robert A. Stine, President and CEO of Tejon Ranch Co., which developed and owns the building through a joint venture with Nevada-based DP Partners.
Tejon Industrial Complex is centrally located immediately north of Los Angeles in Kern County on Interstate 5 where it intersects Highway 99. Positioned on approximately 330 acres, the industrial complex features direct freeway exposure and provides unparalleled, ample room for truck access and maneuvering.
The site delivers roundtrip geographic access to 96 percent of California’s population in a single trucking day, which is crucial for truckers striving to meet new Federal laws requiring them to spend no more than 11 hours on the road in a 24-hour period. Additionally, the location offers access to the markets of 11 western states within a total of 24 hours.
“Tejon Industrial Complex is well-connected to established transportation corridors, as well as the major ports in California,” said Barry Hibbard, Vice President of Commercial and Industrial Development with Tejon Ranch. “There is a large labor pool readily accessible and the region also offers a higher and more affordable quality of life. The business climate of Kern County actually encourages companies to grow and expand here.”
John Minervini of Cushman & Wakefield represented Oneida Ltd. in the transaction. Thomas Taylor and John DeGrinis of Colliers Seeley International, Tejon Industrial Complex’s exclusive marketing and leasing team, represented the ownership.
For more information about the Tejon Industrial Complex, unique regional benefits, trends in global logistics and/or West Coast distribution or manufacturing site selection strategies, please contact Macy + Associates at (310) 821-5300 to secure an interview with the appropriate source.
About Tejon Ranch Co. (NYSE: TRC)
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. For more information on the Company, its Tejon Industrial Complex development, Interstate 5 retail centers, agribusiness operations, future real estate projects and land preservation programs, please logon to www.tejonranch.com.
About Oneida Ltd. (OTCBB: ONEI)
Oneida is a leading source of flatware, dinnerware, crystal, glassware and metal serveware for both consumer and food service industries worldwide. For more information on Oneida, its products, operations and corporate history, please logon to www.oneida.com.
IKEA currently has more than 225 stores in 33 countries, including 25 in the U.S., where other stores are being planned in: Brooklyn, NY; Canton, MI; Dublin, CA; Portland, OR; Round Rock, TX; Somerville, MA; Stoughton, MA; and West Sacramento, CA. Since its 1943 founding in Sweden, IKEA has offered home furnishings and accessories of good design and function, at low prices so the majority of the people can afford them. For three consecutive years, IKEA has been named to Working Mother magazine”s annual list of the “100 Best Companies for Working Mothers” and Training magazine”s annual “Top 100″ ranking of companies that excel at human capital development – as well as to this year”s FORTUNE””s “100 Best Companies to Work For” list. IKEA incorporates environmentally friendly efforts into day-to-day business and continuously supports initiatives that benefit causes such as children and the environment. To visit the IKEA Web site, please go to http://www.ikea-usa.com. For information about working at IKEA, please visit http://JobsAt.IKEA-usa.com.
Dennis Kaiser/Chris Egger Macy + Associates Inc. (310) 821-5300 or firstname.lastname@example.org