Colliers International Negotiates Long-Term Lease with Dollar General at Tejon Ranch Commerce Center in Kern County Totaling 240,000 SQF

Colliers International, Dollar General, Tejon Ranch Commerce Center, Kern County, Greater Los Angeles Basin continues, Tejon Commerce Center. Golden State Freeway, Highway 99, Downtown Los Angeles, Southern California, Foreign Trade Zone

Colliers Team Led by John DeGrinis Represents Center’s Development Partnership

TEJON RANCH, CA (April 12, 2018) – Colliers International has completed negotiations on a new 240,000-square-foot lease commitment by Dollar General that will expand the discount retailer’s total footprint within the master-planned Tejon Ranch Commerce Center in Kern County to more than 850,000 square feet. Value of the four-year lease was not disclosed.

Property-owner Tejon Ranch Co. and development partner Majestic Realty were represented by a Colliers team composed of Senior Executive Vice President John DeGrinisSIOR, SVP Patrick DuRossSIOR and VP Jeff AbrahamSIOR, all based at the brokerage firm’s Los Angeles-North office in Encino.

In this latest transaction, Dollar General will occupy about half of the newly completed 480,000-square-foot building that features state-of the-art amenities including cross-dock loading, 55 dock-high loading doors, 36-foot ceilings (clear height), a 7-inch thick concrete floor slab, and an ESFR-certified sprinkler system. Another 240,000 square feet remain available for lease in the same building that Dollar General plans to occupy.

“In addition to the availability of new industrial space near one of the nation’s largest populations centers, Dollar General and other national credit tenants who are occupying space here are attracted by the large available work force within Kern County,” said DeGrinis. “As the problem of finding suitable workers intensifies in many outlying areas of Southern California where there are few, if any, commuter options other than driving, commuting distance to other distribution centers in suburban and ex-urban locations in the five-county region that makes up the Greater Los Angeles Basin continues to worsen. Kern County has an untapped reservoir of well-trained, eager and commute-weary workers seeking full-time employment near their homes with the companies occupying space at Tejon Commerce Center.”

Labor availability is a strong benefit of the region, DeGrinis noted, with almost 4,000 workers already employed at the Commerce Center. The average ratio of applicants to job openings is about 10 to 1, noted DeGrinis.

Tejon Ranch Commerce Center is a 1,450-acre master planned, warehouse and distribution center located at the interchange of the Golden State Freeway (Interstate 5) and Highway 99 (State Route 99), two of the state’s major surface transit hubs for freight hauling and distribution of products to urban logistics centers, wholesalers and retailers. The project is located less than 90 minutes from Downtown Los Angeles, making the location ideal for distribution users. Dollar General will use its new and expanded facility to more efficiently distribute products to its many stores throughout California and the Western US.

“Since demand for industrial properties with state-of-the-art warehousing and distribution facilities has far outstripped supply throughout Southern California, and with vacancy rates hovering near zero percent during this watershed economic period, it made perfect sense for this particular client to expand its presence here,” said DeGrinis. “Not only is Tejon Ranch Commerce Center located within easy reach of the L.A. basin and its monumental population base, but it’s also accessible to every other part of the state where Dollar General has stores.”

Dollar General will be in good company at the master-planned development located about an hour north of Los Angeles and just 30 miles from the Kern County municipality of Bakersfield. IKEA, Famous Footwear and Caterpillar are just a few of the national credit tenants occupying large warehousing and distribution space at the center.

In total, Tejon Ranch Commerce Center, exclusively represented by Collier’s DeGrinis and his team, has nearly 16 million square feet of entitled space available for sale, lease, or build-to-suit, with sites ranging from 20,000 square feet to more than 2 million square feet.

Additionally, the industrial sites at TRCC are included in Foreign Trade Zone No. 276, noted DeGrinis, which makes companies locating at the center eligible to apply for tax rebates and other incentives being offered by Kern County.

About Colliers International Group (NASDAQ and TSX: CIGI)
Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry-leading real estate services company with a global brand operating in 69 countries and a workforce of more than 12,000 skilled professionals serving clients in the world’s most important markets. Colliers is the fastest-growing publicly listed global real estate services company with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting. Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers has also been ranked the number one property manager in the world by Commercial Property Executive for two years in a row. For the latest news from Colliers, visit Colliers.com or follow us on Twitter: @Colliers and LinkedIn.

About Tejon Ranch Company (NYSE: TRC)
Tejon Ranch Company is a diversified real estate development and agribusiness company, whose principal asset is its 270,000-acre land holding located approximately 60 miles north of Los Angeles and 30 miles south of Bakersfield. For more information on the company, please go to www.tejonranch.com. For more information on the Tejon Ranch Commerce Center, please go to www.tejoncommerce.com.

About Majestic Realty Co.
Celebrating its 70th Anniversary in 2018, Majestic Realty Co. is the largest, privately-held developer and owner of master-planned business parks in the United States. With more than 78-million-square-feet in its portfolio, Majestic provides real estate solutions for tenants large and small, creating jobs, tax revenue and community benefits across the country. Headquartered in Southern California, Majestic has regional offices in Atlanta, Bethlehem, Penn., Dallas, Denver, Fort Worth and Laredo, Texas, Las Vegas and Phoenix, Ariz.

West Coast Commercial Real Estate News