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L’Oreal USA is moving its Los Angeles distribution facility in Valencia to Tejon Ranch Commerce Center in Kern County, following a tax incentive worth $2.3 million. Kern County passed an economic incentive program called Advance Kern in late 2017 to attract major companies and businesses to the market and stimulate job and economic growth. L’Oreal is the first major move through the program, but this is expected to be the catalyst for more growth.

“This is the first adoption or implementation of an application to the Advance Kern program. L’Oreal is now the initial applicant on the incentive program. We think this is a very significant announcement and hopefully a foreshadowing of future growth plans for other companies,” Joe Rentfro EVP of real estate at Tejon Ranch Co., tells GlobeSt.com. “The San Fernando Valley and the Santa Clarita area are at historically low vacancy rates, and as often happens with low supply, you start to get pricing pressures. This is a great opportunity for Tejon Ranch Commerce Center, as proximate as we are to the L.A. Basin.”

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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.

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