TEJON RANCH, CA—The Rockefeller Group has completed its first dedicated retail project, the Outlets at Tejon in Tejon Ranch, CA. In an earlier story, GlobeSt.com reported that the Outlets at Tejon, a $90 million shopping center between Los Angeles and Bakersfield developed by the Rockefeller Group and Tejon Ranch Co., held its grand opening ceremony yesterday.
Although Rockefeller has never developed a dedicated retail property, the company is familiar with retail product because of its experience and success developing mixed-use properties throughout the country. “We’re focused primarily on office and industrial investment and development, but we have a long history with mixed-use development and retail that extends back to the development of Rockefeller Center,” Atsushi Nakajima, president and CEO of the Rockefeller Group, tells GlobeSt.com. “In the case of this project, there were a number of contributing factors that made us want to be a part of it. For one, we’re very comfortable with the product type. Second, we have a great industrial partnership with Tejon Ranch Co., and the opportunity to partner with them on a retail project seemed like a great way to continue a business relationship that we really appreciate and enjoy.”
Additionally, the retail project, which was already fully leased at the opening to 70 retail tenants, is in a fantastic “destination” location, making it all the more attractive to the two developers. “Demographics and location drive the success of retail, and we think the Outlets at Tejon present the demand from residents and visitors in the surrounding area that will make for a very successful retail project,” Nakajima says. “The fact that we’re 100% occupied on opening is a strong response that the retailers agree with our projections.”
The Rockefeller Group and Tejon Ranch Co. have worked together on industrial projects in the Tejon Ranch submarket, which Nakajima says is one of the most important distribution hubs in the country. Tejon Ranch Co. also has experience developing a wide range of property types, including retail. “Given our work together on the industrial side and the success we’ve shared, this seemed like a natural extension of our relationship from industrial to retail,” explains Nakajima. “In fact, one of the industrial tenants we secured for industrial space at Tejon Ranch has also signed on at the Outlets at Tejon.”