Dedeaux, Basis Investment Group Sell Tejon Ranch Facility to Clothing Distributor
By Nick Trombola March 19, 2024 3:39 pm
reprints
A joint venture between Dedeaux Properties and Basis Investment Group (BIG) has sold a 233,000-square-foot warehouse in the Tejon Ranch area northwest of Los Angeles.
The joint venture sold the Tejon Ranch Warehouse and Distribution Facility, at 5665 Dennis McCarthy Drive, in Lebec, Calif., to an undisclosed owner/user for $37.1 million, or $159 per square foot. The buyer, said to be “a national clothing and textile distributor,” will relocate its operations to Tejon Ranch from its existing facility in the Inland Empire.
The building, which the Dedeaux-led joint venture acquired in 2022, sits on 12.3 acres adjacent to Interstate 5 at the Tejon Ranch Commerce Center, a 20 million-square-foot master-planned development from Tejon Ranch Company.
“Our initial plan was to lease out the building and we received multiple inquiries from prospective tenants, said Ted Evans, Dedeaux’s director of asset management who oversaw the Tejon Ranch project, in a statement. “However, we received a very attractive offer to purchase the property at the end of the year which enticed us to sell.”
Los Angeles-based Dedeaux, which focuses on logistics-oriented properties, has a portfolio of over 13 million square feet, with another 2 million in the development pipeline. The company in October purchased an 822,000-square-foot distribution facility in City of Commerce, Calif., for $190 million, and that same month coincidentally secured $190 million in refinancing for three separate, fully leased warehouses in the Inland Empire that together span 1.3 million square feet.
Meanwhile, New York-based BIG has also made some moves in Southern California lately, notably in January of last year when it invested $30 million of equity in the Santa Monica Collection, a 3.1-acre mixed-use development helmed by Tishman Speyer.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
