September 21, 2016
Tejon Ranch Co. signed a JV agreement with Majestic Realty Co., to build a roughly 480,000-square-foot speculative industrial building at Tejon Ranch Commerce Center along I-5 near the base of the Grapevine.
The building delivers the ability to serve nearly 90% of California consumers within a single day truck turn. Construction is expected to begin by the end of the year, with completion anticipated in 2017.
Tejon Ranch Co.’s Hugh F. McMahon says, “This is our second joint venture with Majestic Realty, and we are excited about the synergies this partnership between our two companies will create at the Tejon Ranch Commerce Center.” Previously, the companies partnered to purchase a fully-leased 651,909-square-foot industrial building there.
Colliers International’s John DeGrinis and Tom Taylor brought the parties together, and will serve as listing brokers for the new development.
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