TRC - Tejon Ranch Co. and Majestic Realty Co. Joint Venture Announces New Lease and Tenant at the Tejon Ranch Commerce Center (TRCC) | Benzinga
TEJON RANCH, Calif., Dec. 04, 2023 (GLOBE NEWSWIRE) -- The partnership of Tejon Ranch Co. (NYSE:TRC) and Majestic Realty Co. today announced it has secured a lease, several months in advance of occupancy, with RectorSeal, LLC. RectorSeal is a leading manufacturer of quality HVAC/R and plumbing products distributed globally. In 2015, RectorSeal became part of CSW Industrials, Inc. (NASDAQ:CSWI), and it now plays a leading role in CSWI's Contractor Solutions segment. With the move, RectorSeal will occupy 240,000 square feet in a 480,000-square-foot industrial facility the partnership opened in 2017.
This newest lease follows a series of transactions over the last 24 months at TRCC involving four building sites, comprised of more than 2.5 million square feet of industrial space, where buildings are complete, nearing completion, or under construction. The lease with RectorSeal also represents another example of a company relocating distribution operations to TRCC from the Los Angeles area.
"We are pleased to welcome RectorSeal to TRCC," said Derek C. Abbott, executive vice president of real estate at Tejon Ranch Co. "RectorSeal's move to TRCC reflects the value of our strategic location, near the population and geographic center of California, to logistics operators. We've developed a reputation as an opportune place for companies wanting to locate or expand in California as Kern ...