TEJON RANCH, Calif., Feb. 21, 2022 (GLOBE NEWSWIRE) — Tejon Ranch Co. (NYSE: TRC) announced today it has formed a new joint venture partnership with Majestic Realty Co., the nation’s largest privately-held developer of industrial properties with a growing portfolio of commercial and multi-family residential projects as well, to develop up to 495 apartment units on the east side of the Tejon Ranch Commerce Center (TRCC) immediately adjacent to the Outlets at Tejon. The project will complement the Outlets and is expected to generate additional activity at both the Outlets and throughout the entire Tejon Ranch Commerce Center.
The new multi-family residential apartment community consists of up to 495 units and associated amenities located on approximately 22 acres just to the north of the Outlets. The apartments will bring a new energy to TRCC as it transforms the already-successful employment center, with more than six million square feet developed to-date, into a mixed-use community where people can live, work and play. The new multi-family residential community is the latest example of Tejon Ranch Co.’s growth as a fully integrated real estate development and operating company.
“We are excited to develop this much-needed housing community for the large and growing workforce at TRCC, providing an opportunity for employees of the various…
