TEJON RANCH, CA—The Rockefeller Group hascompleted its first dedicated retail project, theOutlets at Tejon in Tejon Ranch, CA. In anearlier story, GlobeSt.com reported that the Outletsat Tejon, a $90 million shopping center between Los Angeles andBakersfield developed by the Rockefeller Group and TejonRanch Co., held its grand opening ceremony yesterday.

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Although Rockefeller has never developed a dedicated retailproperty, the company is familiar with retail product because ofits experience and success developing mixed-useproperties throughout the country. “We're focusedprimarily on office andindustrial investment and development, but we havea long history with mixed-use development and retail that extendsback to the development of Rockefeller Center,”Atsushi Nakajima, president and CEO of theRockefeller Group, tells GlobeSt.com. “In the case of this project,there were a number of contributing factors that made us want to bea part of it. For one, we're very comfortable with the producttype. Second, we have a great industrial partnership withTejon Ranch Co., and the opportunity to partner with them on aretail project seemed like a great way to continue a businessrelationship that we really appreciate and enjoy.”

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Additionally, the retail project, which was already fully leasedat the opening to 70 retail tenants, is in a fantastic“destination” location, making it all the more attractive to thetwo developers. “Demographics and location drive the success ofretail, and we think the Outlets at Tejon present the demand fromresidents and visitors in the surrounding area that will make for avery successful retail project,” Nakajima says. “The fact thatwe're 100% occupied on opening is a strong response that theretailers agree with our projections.”

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The Rockefeller Group and Tejon Ranch Co. have worked togetheron industrial projects in the Tejon Ranch submarket, which Nakajimasays is one of the most important distribution hubs in the country.Tejon Ranch Co. also has experience developing a wide range ofproperty types, including retail. “Given our work together on theindustrial side and the success we've shared, this seemed like anatural extension of our relationship from industrial to retail,”explains Nakajima. “In fact, one of the industrial tenants wesecured for industrial space at Tejon Ranch has also signed on atthe Outlets at Tejon.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.