Majestic Realty JV Inks 629 KSF Lease at California Industrial Park
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JLL represented the owners as well as the tenant of the newly constructed building within Tejon Ranch Commerce Center.
A joint venture between Tejon Ranch Co. and Majestic Realty Co. have fully leased a recently completed 629,274-square-foot industrial building within the master-planned Tejon Ranch Commerce Center in Lebec, Calif. JLL represented both the owner and the undisclosed tenant in the transaction.
Tejon Ranch turns outward
The Class A facility at 5151 Wheeler Ridge Road began construction in 2021 and was completed in 2022. The project marks the fourth joint venture between Tejon Ranch and Majestic in the last five years. The building features an industry-leading 36-foot clear height, mechanical loading doors, seven-inch door slabs and an integrated sprinkler system. Majestic Realty Co. oversaw the project’s development, part of Tejon Ranch Co.’s 20-year, 1,450-acre master-planned Tejon Ranch Commerce Center, anticipated to total more than 20 million square feet of office, industrial and retail space.
Nearly 6 million square feet of space has been built, with an additional 12 million square feet entitled for future development. The center is situated adjacent to a planned development of 35,000 homes, as well as a further 35 million square feet of commercial space, part of the Tejon Ranch master-planned district. The park is located within a day’s drive of Los Angeles and the Inland Empire, both home to the nation’s largest industrial market and one of its biggest consumer bases.
Tejon Ranch Co. Executive Vice President Derek Abbot further explained the significance of the development, telling Commercial Property Executive, “Our large amount of entitled industrial land, coupled with the pro-business Kern County government and absence of local opposition gives us the ability to keep a steady stream of buildings in the pipeline. All of this further enhances Tejon Ranch Commerce Center’s established reputation as a proven place for companies locating or expanding in California.”
The JLL team representing the facility’s owner was led by International Director Peter McWilliams, Senior Managing Director Mac Hewett and Managing Director Brent Weirick. Executive Managing Director Mike McCrary, Managing Director Tony Beatty and Senior Vice President Cody Clayton represented the tenant.
Majestic makes moves
Majestic has remained an active industrial developer throughout the Western U.S., with its planning of Majestic Reno Commercenter II and III, a speculative development totaling 939,100 square feet in Reno, Nev. The firm is also expanding the Landmark at Otay industrial development, with two planned buildings totaling 1.1 million square feet built over 67 acres.