Tejon Ranch Co. and Majestic Realty Co. Joint Venture Announces New Lease and Tenant at the Tejon Ranch Commerce Center (TRCC)
04 Décembre 2023 - 10:30PM
The partnership of Tejon Ranch Co. (NYSE: TRC) and Majestic Realty
Co. today announced it has secured a lease, several months in
advance of occupancy, with RectorSeal, LLC. RectorSeal is a leading
manufacturer of quality HVAC/R and plumbing products distributed
globally. In 2015, RectorSeal became part of CSW Industrials, Inc.
(NASDAQ: CSWI), and it now plays a leading role in CSWI’s
Contractor Solutions segment. With the move, RectorSeal will occupy
240,000 square feet in a 480,000-square-foot industrial facility
the partnership opened in 2017.
This newest lease follows a series of transactions
over the last 24 months at TRCC involving four building sites,
comprised of more than 2.5 million square feet of industrial space,
where buildings are complete, nearing completion, or under
construction. The lease with RectorSeal also represents another
example of a company relocating distribution operations to TRCC
from the Los Angeles area.
“We are pleased to welcome RectorSeal to TRCC,”
said Derek C. Abbott, executive vice president of real estate at
Tejon Ranch Co. “RectorSeal’s move to TRCC reflects the value of
our strategic location, near the population and geographic center
of California, to logistics operators. We’ve developed a reputation
as an opportune place for companies wanting to locate or expand in
California as Kern County’s pro-business mindset and our ability to
bring new Class A industrial space online quickly makes the
decision to move here easy.”
“It’s imperative that our RectorSeal distribution
operations remain close to our customers so we can provide the best
service possible,” said David Blood, Senior Vice President of
Operations at RectorSeal. “Everyone at Tejon Ranch and Majestic
Realty has helped to position this strategic relocation for
success. I know our customers will appreciate the new location and
enjoy the benefits of a closer distribution center.”
“This new lease reflects the continued demand
we’re seeing for industrial space at TRCC, which continues to be a
bright spot in California’s industrial real estate market” said
Brett Tremaine, executive vice president at Majestic Realty Co.
“The opportunity to attract new, high-quality tenants like
RectorSeal, while also allowing for the growth of existing tenants
within TRCC, is further evidence of the wisdom of our decision to
partner with Tejon Ranch Co. on a number of industrial
buildings. There are few, if any locations in California that
can match the value and many advantages found at TRCC, given its
immediate access to key freeways, its outstanding amenities, and
the large and productive labor pool found nearby.”
The JLL team of Mike McCrary, Mac Hewett, Brent
Weirick and Peter McWilliams served as listing brokers for the
transaction. Walt Chenoweth and Sean Sullivan with Voit Real Estate
Services represented RectorSeal.
TRCC is Tejon Ranch Co.’s 1,450-acre master
planned commercial/industrial development located at the junction
of Interstate 5 and Highway 99, about an hour north of the Los
Angeles basin. TRCC is also home to distribution centers for IKEA,
Camping World, Caterpillar Inc., Dollar General, Famous Footwear,
L'Oréal, and others.
All the industrial sites at TRCC are included in
Foreign Trade Zone #276, and additionally, companies locating at
TRCC are eligible to apply for tax rebate incentives being offered
by the County of Kern.
About Tejon Ranch Company (NYSE:
TRC) Tejon Ranch Company is a diversified real estate
development and agribusiness company, whose principal asset is its
270,000-acre land holding located approximately 60 miles north of
Los Angeles and 30 miles south of Bakersfield. For more information
on the company, please go to www.tejonranch.com. For more
information on the Tejon Ranch Commerce Center, please go to
www.tejoncommerce.com.
About Majestic Realty Co.
Majestic Realty Co. is the largest, privately held developer and
owner of master-planned business parks in the United States. With
approximately 87-million-square-feet in its portfolio, Majestic
provides real estate solutions for tenants large and small,
creating jobs, tax revenue and community benefits across the
country. Headquartered in southern California, Majestic has
regional offices in Atlanta; Bethlehem, PA; Dallas, Fort Worth and
Laredo, Texas; Denver/Aurora, CO; Las Vegas; Phoenix; and Portland,
OR. For more information: https://www.majesticrealty.com/
CONTACT: Tejon Ranch Co.
Corporate Communications Barry Zoeller (661) 248-3000
bzoeller@tejonranch.com
For Majestic Realty Co. Marty Schechter (303)
987-8163 marty@schechterpr.com
Tejon Ranch (NYSE:TRC)
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