LOS ANGELES—Tejon Ranch Co. and Majestic Realty have formed a joint venture to build a 480,000-square-foot industrial facility north of Los Angeles in Tejon Ranch. Tejon Ranch Commerce Center, as the property will be called, will be built speculatively, and will bring much needed industrial space to a market with a low vacancy rate

“Majestic is a good partner for a variety of reasons,” Barry Zoeller, VP of corporate communications and investor relations at Tejon Ranch Co., tells GlobeSt.com. “The company has strong ownership in Ed Roski; a top flight executive team; an outstanding reputation in the industrial development community; great relationships with tenants; and a vision for quality development that matches our own.”

Majestic is, of course, well versed in the industrial sector. The property recently broke ground on a 452,000-square-foot industrial build in Aurora, CO, which will be the area's largest industrial development to date. Tejon Ranch is also a seasoned developer and has ample land in the Tejon Ranch submarket. The firm completed a massive shopping center in the market last year that was valued at $90 million. This is the two firms second joint venture together.

Tejon Ranch Commerce Center will be east of Interstate 5, giving it near immediate access to California's principal north/south highway, and the ability to serve nearly 90% of California consumers within a single day truck turn. Construction on the property will begin later this year with delivery scheduled for late 2017. Upon completion, they plan to lease the property. John DeGrinis and Tom Taylor of Colliers International will serve as listing brokers for the new development. The two also structured the joint venture agreement.

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