Majestic Realty Kicks Off Southern California Development

5151 Wheeler Ridge Road. Rendering courtesy of Majestic Realty Co.

Majestic Realty Co. has broken ground on a 629,274-square-foot Class A speculative industrial building at the Tejon Ranch Commerce Center in Tejon Ranch, Calif. The project is its third new building and the fourth joint-venture partnership with Tejon Ranch Co. in the last five years.

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The 39-acre development site at 5151 Wheeler Ridge Road is located at the junction of Interstate 5 and Highway 99, giving tenants access to interstates 15 and 40. The cross-dock structure will feature 36-foot clear heights, 7-inch floor slabs, 136 loading docks and 185-foot truck courts, with completion scheduled for mid-2022. JLL Managing Director Mike McCrary is marketing the property.

Majestic Realty first partnered with Tejon Ranch for the purchase, ownership and management of an existing 651,909-square-foot building. This was followed by the construction of two speculative projects comprising 480,480 square feet and 579,040 square feet. Both facilities are fully leased: The first welcomed L’Oréal USA in mid-2018.

According to Tejon Ranch’s Joseph Rentfro, the combination of low vacancy within the Tejon Ranch Commerce Center and strong demand for light manufacturing, warehouse and distribution space in Southern California gives the partnership incentive to build as quickly as possible. 

The Inland Empire’s industrial market has experienced record absorption and limited inventory, even as new projects come online. In May, CommercialEdge reported the market’s vacancy hit a record low of 2 percent, far below the national vacancy rate of 5.7 percent.