Tejon Ranch Signs Tenants for 570,000 SF

LEBEC, CA-Tejon Ranch Co. has signed a new company and an existing tenant to a total of 570,000 sf at its 1,450-acre Tejon Industrial Complex. The development and investment company has landed Oneida Ltd. for more than 244,000 sf at the same time as Ikea has expanded its already considerable presence at the Tejon Industrial Complex by nearly 326,000 sf.Oneida, a tableware products manufacturer and marketer, anticipates that it will begin moving into its space this month and will bring up to 100 new jobs to the site. Furniture retailer IKEA now occupies more than two million sf at the complex, where it employs more than 500 workers and may add more jobs in 2006 as part of its expansion. The new transactions fill a 651,909-sf industrial building to full occupancy. Tejon Ranch Co. developed and owns the building through a joint venture with Nevada-based DP Partners.Oneida was represented by John Minervini of Cushman & Wakefield. Tejon Industrial Complex was represented by Tom Taylor and John DeGrinis of Colliers Seeley International, the marketing and leasing team for the complex.The Oneida and IKEA transactions are the latest in a series of large deals at the Tejon Industrial Complex, which is part of the larger diversified real estate development and agribusiness company that constitutes Tejon Ranch Co. Early this year, for example, Tejon signed a development deal with New York City-based Rockefeller Group Development Corp. to create a 500-acre Foreign Trade Zone at the industrial complex. The venture combines Tejon's strategically placed industrial land and the Rockefeller Group's track record in developing Foreign Trade Zones to provide warehouses and distribution facilities that can serve both the Los Angeles Basin and the San Francisco Bay area.