Dedeaux Properties Sells Newly Completed Tejon Ranch Distribution Facility for $37.1 Million

LOS ANGELES - March 19, 2024 - PRLog -- Dedeaux Properties and joint venture partner Basis Investment Group (BIG) in an off-market transaction has sold a recently completed 233,217-square-foot warehouse building in Lebec, CA to an owner/user for $37.1 million. The purchase price set a new high watermark on a per square foot basis for the Tejon market at $159 per square-foot.

The Buyer, a national clothing and textile distributor, will be relocating its operations from the Inland Empire, CA to the state-of-the art building at 5665 Dennis McCarthy Dr.  The building features a 36-foot clear height, 29 dock high doors, and parking for 90 trailers.

"Our initial plan was to lease out the building and we received multiple inquiries from prospective tenants, said Ted Evans, Director of Asset Management who oversaw the Tejon Ranch project. "However, we received a very attractive offer  to purchase the property at the end of the year which enticed us to sell."

The new building sits on 12.28 acres in the Tejon Ranch Commerce Center, a 20 million-square-foot master planned development on Interstate 5, just north of the Los Angeles basin.   Nearly six million square feet of industrial, commercial, and retail space has already been developed, including distribution centers for IKEA, Caterpillar, Famous Footwear, L'Oreal and Dollar General.

Dedeaux, which specializes in the investment and development of logistics-oriented real estate in California, acquired the land in Q1 of 2022 marking its entry into the submarket.

"This was our first development in Tejon Ranch and certainly will not be our last," added Evans.   "The buyer joins many other large corporations who have relocated or expanded to the market and we look forward to developing more product in Tejon Ranch in the future."

About Dedeaux Properties

Los Angeles-based Dedeaux Properties, LLC (http://www.dedeauxproperties.com) focuses on the investment and development of logistics-oriented properties and is affiliated with family controlled DART Warehouse Corporation, a national full-service logistics provider founded in 1936. The company's portfolio is currently in excess of over 13.5 million square feet. Dedeaux Properties is committed to serving the needs of existing customers while selectively acquiring strategically located sites for speculative development including high-velocity distribution warehouses, cross dock truck terminals, and trailer yards (IOS). In addition to a portfolio of approximately six million square feet of industrial space, Dedeaux Properties has an active pipeline of more than two million square feet.