By Alex Girda
Los Angeles—Majestic Realty Co. and Tejon Ranch Co. have entered a joint venture agreement to develop a new speculative industrial facility at the Tejon Ranch Commerce Center. The venture was facilitated by Colliers International representative Tom Taylor and John DeGrinis of SIOR.
Set to become a part of the Tejon Ranch Commerce Center, the new facility will total 480,000 square feet of industrial space. Majestic, one of the largest privately-held industrial developers in the nation, had previously completed the acquisition of an existing Tejon Ranch industrial building totaling 651,909 square feet of space earlier this month.
Once completed, the facility will offer easy access to the I-5, providing accessibility to the state’s main highway. With construction starting during this year’s fourth quarter, the asset is set for completion in the second quarter of 2017. “In what appears to be a very tight market in terms of both available product and land available for the development of large scale distribution centers, the Tejon Ranch Commerce Center features turn-key sites for distribution, manufacturing and e-commerce operations that allow users to serve southern and northern California, as well as all 11 western states, from one location,” noted Majestic Realty Co. Senior Vice President Brett Tremaine.
Image courtesy of Tejon Ranch Co.