Majestic Realty JV Inks Full-Building Pre-Lease in California – What is a Ground Lease?

, Majestic Realty JV Inks Full-Building Pre-Lease in California – What is a Ground Lease?, Robert Khodadadian

Tejon Ranch Commerce Center. Image courtesy of Tejon Ranch Co. & Majestic Realty Co.

Tejon Ranch Co., in partnership with Majestic Realty Co., have signed a full-building lease at an upcoming 446,000-square-foot distribution facility in Tejon Ranch, Calif. Sunrise Brands, a designer, producer and distributor of branded and private-label apparel, will be the sole occupant of the upcoming property. JLL negotiated on behalf of the landlord, while Savills represented the new tenant.

The building is part of Tejon Ranch Commerce Center, a 20 million-square-foot office, industrial and retail campus. Construction of the current, fifth building is expected to commence in the first quarter of 2023, while delivery is scheduled for the first quarter of next year. Recently, the partners signed another full-building lease agreement at another, 629,274-square-foot facility within the campus.

The new Class A, single-load property will be equipped with ESFR sprinklers, 7-inch floor slab and 36-foot clear heights. Until the facility is ready for occupation, Sunrise Brands will move its operations to another building owned by the developer, occupying 240,000 square feet of space.

A large-scale mixed-use development

The 1,450-acre, master-planned development is situated near Interstate 5 and Highway 99, providing easy access to Los Angeles and the San Fernando Valley. The current tenant roster at the commerce center includes companies such as L’Oreal, IKEA or Caterpillar, occupying buildings that are part of the already developed 6 million square feet of industrial and commercial space.

JLL’s team formed of Executive Managing Director Mike McCrary, Senior Managing Director Mac Hewett, Managing Director Brent Weirick, together with International Director Peter McWilliams negotiated the lease on behalf of the landlord. Savills’s Vice Chairman Mike Catalano and Managing Director Joe Dimola worked on behalf of Sunrise Brands.

In 2022, plans for another large Inland Empire industrial project moved forward: J.P. Morgan Asset Management, through its Strategic Property Fund, invested $325 million in the development of Ontario Ranch East, a 147-acre logistics project in Ontario, Calif. Developed in partnership with Sares-Regis Group and Orbis Real Estate, the campus will create 1.3 million square feet of industrial space.

The post Majestic Realty JV Inks Full-Building Pre-Lease in California appeared first on Commercial Property Executive.

 Brokerage, Development, Industrial, Mixed Use, News, West, JLL, Majestic Realty Co., Savills, Tejon Ranch Co. 

ground lease, ground leases, net lease, 101, ground lease nyc, properties, properties nyc, Robert Khodadadian, investment sales, broker, commercial real estate, properties, commercial real estate, NYC real estate, ground lease, Skyline Properties, Skyline NYC, NYC, New York City Real Estate, ground leases, commercial buildings, apartment buildings, townhouses, mixed use investment building, mixed use user buildings, live plus income buildings, industrial properties, NYC Real Estate, Real estate investment, commercial real estate, robert khodadadian, properties, ground lease, net lease, investment sales, brokerage, manhattan real estate, broker, daniel shirazi, Off-market real estate

.com/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u8e4132dd24e73527aa170599c273a454:hover .ctaButton { background-color: #141414!important; } .u8e4132dd24e73527aa170599c273a454 .centered-text { display: table; height: 80px; padding-left: 18px; top: 0; } .u8e4132dd24e73527aa170599c273a454 .u8e4132dd24e73527aa170599c273a454-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u8e4132dd24e73527aa170599c273a454:after { content: ""; display: block; clear: both; }
See also  Net Lease Cap Rates Increase on Rapid Interest Rate Rise – What is a Ground Lease?

Leave a Reply

Your email address will not be published. Required fields are marked *