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See especially the last paragraph...
TEJON RANCH FORMS JOINT VENTURE WITH DERMODY PROPERTIES
TEJON RANCH, Calif., March 14, 2001 – Tejon Ranch Company (NYSE-TRC), the largest contiguous landowner in California, announced today that it has formed a joint venture partnership with Dermody Properties, a national industrial development company, to build a 650,000-square-foot distribution building at the Tejon Industrial Complex. This building at Tejon Industrial Complex represents Dermody Properties’ entrance into the Southern California market.
The new partnership, Tejon/Dermody Industrial (TDI), recognizes strong demand for industrial product based on the number of current users in the market. This is supported by the study recently published by Deloitte & Touche that states “…more than one in five retailers plan to expand or add new distribution centers within the next year, while nearly half intend to add distribution facilities within the next three years.” (Daily Journal Corp. Jan. 2001) TDI believes the building at Tejon Industrial Complex will provide an efficient solution for companies, particularly retailers, who need to cut costs from the supply chain.
TDI’s available for lease industrial building is scheduled to start construction in April with an estimated completion date of fourth quarter 2001. The 33-acre site is adjacent to the 1.8 million-square-foot Western North American Distribution Center currently under construction for IKEA, the world’s largest home furnishing and accessories retailer.
“We are extremely excited to be teamed up with Tejon Ranch Company on this project,” said Aaron Paris, COO of Dermody Properties. “We see this location as a strategic move to meet the demand of the heavy port users looking to distribute throughout California and the 11 western states. The combination of logistics, labor, and location, makes the Tejon Industrial Complex a key distribution hub for the west.”
“This new building is a bold statement confirming our belief that TIC is the new logistics alternative for the West Coast,” said Robert A. Stine, President and CEO of Tejon Ranch Company. “Dermody Properties’ commitment validates our vision that Tejon Industrial Complex will become a major business and employment center for Kern County and Southern California.” TDI has hired Hill Pinckert Architects of Newport Beach to design the building. Guinn Construction of Bakersfield has been selected as the grading contractor and Fulmer Construction of Santa Ana will be the general contractor for the project. The building is already fully designed and grading is expected to start immediately. The Colliers-Seeley team directed by Thomas Taylor and John DeGrinis will represent TDI. Eric Powers and Eddie Saig of NAI were instrumental in the formation of TDI.
Located just north of the Los Angeles basin at the junction of I-5 and Highway 99, Tejon Industrial Complex is designed to be a major center for distribution, warehousing and manufacturing with direct access to Los Angeles, the Central Valley and Northern California. Tejon Industrial Complex is a multi-phase business complex that is part of the Company’s vision of properly planned commercial, industrial and retail development located on I-5 freeway frontage.
Tejon Ranch Company Background Information
Tejon Ranch Company is a diversified real estate development and agribusiness company owning 270,000 acres of land located in Los Angeles and Kern Counties. The Company is in the process of developing its land holdings along transportation corridors into master-planned business and residential communities.
TEJON RANCH FORMS JOINT VENTURE WITH DERMODY PROPERTIES
TEJON RANCH, Calif., March 14, 2001 – Tejon Ranch Company (NYSE-TRC), the largest contiguous landowner in California, announced today that it has formed a joint venture partnership with Dermody Properties, a national industrial development company, to build a 650,000-square-foot distribution building at the Tejon Industrial Complex. This building at Tejon Industrial Complex represents Dermody Properties’ entrance into the Southern California market.
The new partnership, Tejon/Dermody Industrial (TDI), recognizes strong demand for industrial product based on the number of current users in the market. This is supported by the study recently published by Deloitte & Touche that states “…more than one in five retailers plan to expand or add new distribution centers within the next year, while nearly half intend to add distribution facilities within the next three years.” (Daily Journal Corp. Jan. 2001) TDI believes the building at Tejon Industrial Complex will provide an efficient solution for companies, particularly retailers, who need to cut costs from the supply chain.
TDI’s available for lease industrial building is scheduled to start construction in April with an estimated completion date of fourth quarter 2001. The 33-acre site is adjacent to the 1.8 million-square-foot Western North American Distribution Center currently under construction for IKEA, the world’s largest home furnishing and accessories retailer.
“We are extremely excited to be teamed up with Tejon Ranch Company on this project,” said Aaron Paris, COO of Dermody Properties. “We see this location as a strategic move to meet the demand of the heavy port users looking to distribute throughout California and the 11 western states. The combination of logistics, labor, and location, makes the Tejon Industrial Complex a key distribution hub for the west.”
“This new building is a bold statement confirming our belief that TIC is the new logistics alternative for the West Coast,” said Robert A. Stine, President and CEO of Tejon Ranch Company. “Dermody Properties’ commitment validates our vision that Tejon Industrial Complex will become a major business and employment center for Kern County and Southern California.” TDI has hired Hill Pinckert Architects of Newport Beach to design the building. Guinn Construction of Bakersfield has been selected as the grading contractor and Fulmer Construction of Santa Ana will be the general contractor for the project. The building is already fully designed and grading is expected to start immediately. The Colliers-Seeley team directed by Thomas Taylor and John DeGrinis will represent TDI. Eric Powers and Eddie Saig of NAI were instrumental in the formation of TDI.
Located just north of the Los Angeles basin at the junction of I-5 and Highway 99, Tejon Industrial Complex is designed to be a major center for distribution, warehousing and manufacturing with direct access to Los Angeles, the Central Valley and Northern California. Tejon Industrial Complex is a multi-phase business complex that is part of the Company’s vision of properly planned commercial, industrial and retail development located on I-5 freeway frontage.
Tejon Ranch Company Background Information
Tejon Ranch Company is a diversified real estate development and agribusiness company owning 270,000 acres of land located in Los Angeles and Kern Counties. The Company is in the process of developing its land holdings along transportation corridors into master-planned business and residential communities.
