Tejon Ranch Corp. has broken ground on a 629,274-square-foot speculative warehouse at Tejon Ranch Commerce Center near Lebec.The property represents the fourth collaboration between builder Majestic Realty Co. and property owner Tejon Ranch Co. in the past five years.The warehouse at 5151 Wheeler Ridge Road, has been designed for single- or multi-tenant use. It will be constructed on a little less than 39 acres fronting the 5 freeway and giving distributors immediate access to the West Coast’s principal north-south transportation corridor.With a mid-2022 completion date, the warehouse will deliver 36-foot clear height, a minimum 7-inch floor slab, 136 dock-high doors and 185-foot cross-dock truck courts, according to JLL Managing Director Mike McCrary, the leasing agent for the project.“Given the historical success we’ve enjoyed with our previous speculative building developments, the lack of vacant space within the Tejon Ranch Commerce Center, and the level of demand inquiries we’re fielding for light manufacturing, warehouse and distribution space out of Southern California and elsewhere, we wanted to move as quickly as possible to bring another new building online,” Joseph Rentfro, Tejon Ranch’s executive vice president of real estate, said in a statement.Shares of Tejon Ranch Co. (TRC) closed Wednesday down 32 cents, or 2 percent, to $15.21 on the New York Stock Exchange.
Tejon Ranch Breaks Ground on Massive Spec Warehouse
