Commercial real estate in the original section of the Tejon Ranch Commerce Center west of the Interstate … | Messages

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TEJON RANCH, Calif., Feb. 10, 2022 (GLOBE NEWSWIRE) — Tejon Ranch Co. (NYSE: TRC) announced today that it has completed the sale of approximately 12.2 acres of land on the west side of the Tejon Ranch Commerce Center (TRCC) to Dedeaux Properties, a private logistics real estate company and one of the oldest such companies in Southern California. Its history stretches back more than 80 years to founder Rod Dedeaux, the legendary varsity baseball coach at the University of Southern California. Dedeaux’s industrial portfolio consists of both family-owned assets and institutional partnerships, and the company currently has over 8 million square feet of assets under management – and is currently executing a pipeline of over 2 million square feet of development and acquisition activity.

The package in TRCC is located on Dennis McCarthy Drive, sandwiched between the Best Western Hotel and Restaurant Denny’s and the Famous Footwear distribution center to the north. The +/- 12 acre property overlooking Interstate 5 was the only remaining industrial site on TRCC’s west side still owned by TRC.

“This transaction, the latest for a Southern California-based company, further solidifies the attractiveness of the Tejon Ranch Commerce Center,” said Joseph N. Rentfro, Tejon Ranch Co. executive vice president of real estate. “TRCC provides companies with both a strategic location as well as significant logistical conveniences, including ample fuel, parking, and meal options for their employees. Its location at the intersection of I-5 and Highway 99 provides direct access to the Interstate, proximity to the ports of Los Angeles and Long Beach, and provides a strategic base from which businesses can efficiently serve all of California and the adjacent western states .”

According to Rishi Thakkar, director of real estate investments at Dedeaux Properties, who led the acquisition effort, “The Los Angeles area market is becoming increasingly constrained by supply, which is putting upward pressure on rents, which in turn is putting greater pressure on costs of the supply chain. Tejon Ranch, strategically located in the southern portion of California’s Central Valley, is a location that has proven to represent excellent value for regional users who need to transport goods across the western United States.”

“Although all of our existing industrial space is 100% leased and 100% occupied, and all of the west side lots are now either developed or sold, there is significant opportunity within TRCC on the east side of I-5,” Rentfro added. “For example, the +/- 630,000 square foot speculative industrial facility we are building in partnership with Majestic Realty Co., which we expect to be completed sometime early in the third quarter, is still available at this time. And we expect more industrial products to come online in the near future as we try to meet the demand we continue to see from Southern California and elsewhere for warehousing, distribution and advanced manufacturing facilities. In addition, Tejon Ranch is planning a multi-family project adjacent to the outlets in Tejon.”

In addition to the development of the 630,000 square foot building within TRCC-East, another 252,500 square foot building is under development by Scannell Properties for Plant Prefab, which will expand its operations at the Tejon Ranch Commerce Center later this year.

Mac Hewett, Mike McCrary and Brent Weirick of JLL represented all parties in the transaction and are also the listing agents for the +/-630,000 square foot building mentioned above.

About the commercial center of the Tejon Ranch

The Tejon Ranch Commerce Center is located at the intersection of Interstate 5 and Highway 99, approximately 40 minutes north of Santa Clarita. The 1,450 acre industrial/commercial complex already owns major industrial operations for Camping World, Caterpillar, Dollar General, Famous Footwear, IKEA, SalonCentric, TransformCO, L’Oréal USA’s professional salon distribution company, and a state-of-the-art, sustainable automated manufacturing facility for Plant Prefab, an award-winning manufacturer of high-end multi-family and single-family homes.

About Tejon Ranch Co.

Tejon Ranch Co. (NYSE: TRC) is a growth-oriented, fully diversified real estate development and agribusiness company whose principal asset is its 270,000-acre land position located approximately 60 miles north of Los Angeles and 30 miles south of Bakersfield. Tejon Ranch Co. is poised for growth on the horizon with its fully operational commercial/industrial real estate development and three planned community communities.

About Dedeaux Properties

Los Angeles-based Dedeaux Properties, LLC (www.dedeauxproperties.com) focuses on the investment and development of logistics-focused real estate and is affiliated with family-owned DART Warehouse Corporation, a full-service national logistics provider founded in 1936 by a Portfolio of approximately 6 million square feet of industrial space, Dedeaux Properties has an active pipeline of more than 2 million square feet of industrial properties including warehouse/distribution, truck terminals, trailer yards and cold storage.

CONTACT: Barry Zoeller, Senior Vice President, Corporate Communications & Investor Relations (661) 663-4212 [email protected]

Copyright 2022 GlobeNewswire, Inc.

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