Tejon Ranch Company and Dedeaux Properties Announce Joint Venture to Develop Industrial Warehouse at the Tejon Ranch Commerce Center

Core Insights - Tejon Ranch Company has entered a joint venture with Dedeaux Properties to develop a 510,500-square-foot industrial warehouse at the Tejon Ranch Commerce Center (TRCC), enhancing its portfolio of Class-A industrial assets [1][3] - TRCC serves as a significant logistics hub for California and the western United States, with 100% occupancy of its current industrial space and a strategic location that allows for efficient distribution [3][7] Company Overview - Tejon Ranch Company is a diversified real estate development and agribusiness firm with a principal asset of 270,000 acres located between Los Angeles and Bakersfield [6] - The company has developed 8.2 million square feet of industrial space at TRCC, with an additional 11.1 million square feet of entitled property available for future development [2] Development Details - The new warehouse will be situated on a 25-acre site, designed as a Class-A divisible cross-dock facility with features such as 185-foot truck courts and 36-foot clear height [3] - Dedeaux Properties has previously completed a 250,000-square-foot warehouse at TRCC, indicating a strong demand for logistics-oriented facilities in the area [4][5] Market Position - TRCC is strategically located at the intersection of Interstate 5 and Highway 99, providing access to 90% of California consumers within a single day truck turn [3] - The center has attracted various businesses, including Fortune 500 companies, and supports a large employment base of 5,000 employees [7] Future Developments - Tejon Ranch Company's first residential project, Terra Vista, will feature 228 units in its first phase and is set to open in Spring 2025 [2][7] - Dedeaux Properties has an active pipeline of over two million square feet of industrial properties, indicating ongoing growth in logistics-oriented developments [8]