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TEJON RANCH, CA-Tejon Ranch Co. has new capital partners at its Tejon Industrial Complex and a buyer for an 80-acre industrial development site at the complex.

The new capital partners are California State Teachers Retirement System (CalSTRS) and DP Partners, a Reno, Nev.-based national industrial developer. DP is already a partner of Tejon Ranch in developing the Tejon Industrial Complex, and CalStrs “has become a significant capital partner in all of DP Partners’ developments across the nation,” according to a Tejon Ranch announcement.

The buyer for the 80-acre industrial site is San Francisco-based Catellus Development Corp., which has executed a purchase option for the site that “will permit Catellus to actively market its position at the complex,” according to Charlie McPhee, SVP of Catellus’ Southern California region. McPhee cited the location just north of Los Angeles County and the convenient access along major interstates and highways as reasons for the company’s interest in the site. He also noted that, unlike in most of the fully developed industrial markets in and around the Los Angeles metropolitan area, Tejon can accommodate super-sized distribution warehouse facilities and is within 110 miles of the ports of Los Angeles and Long Beach.

Aaron Paris, COO of DP Partners, says the new capital structure will provide DP with “flexibility and agility” in responding to market opportunities. CalSTRS is the third largest pension fund in the United States, with a $94 billion investment portfolio.

The Tejon Industrial Complex, comprising nearly 1,500 acres, is at the intersection of Interstate 5 and State Highway 99, approximately 65 miles north of Los Angeles.

When completed, the complex is expected to generate more than 6,000 direct jobs and nearly $15 million in new tax revenues for Kern County.

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