August 10, 2016
Tejon Ranch Co. and Majestic Realty Co. formed a partnership to acquire a fully-leased 651,900-square-foot industrial building at Tejon Ranch Commerce Center, a 1,450-acre industrial/commercial complex at the base of the Grapevine. The 50/50 joint venture, TRC-MRC 2, LLC, will be managed by Majestic, with Tejon serving as the property manager of the facility.
The building is currently fully-leased to FrontEnd Holdings, and is located just north of IKEA’s Western North American Distribution Center and immediately east of the building occupied by Dollar General. The purchase price was undisclosed, but the transaction is slated to close in early September.
The two companies are also finalizing a development agreement to build a separate 480,480-square-foot speculative industrial building on the east side of the Tejon Ranch Commerce Center.
For comments, questions or concerns, please contact Dennis Kaiser