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3/20/24
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A recently completed 233.2k sf warehouse building in Lebec, CA, within southwestern Kern County, was purchased by an owner/user for $37.1 mil, or $159/sf. The property was sold by a partnership of Dedeaux Properties and Basis Investment Group in an off-market transaction.
The buyer, a national clothing and textile distributor, will be relocating its operations from the Inland Empire 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.
The new building sits on 12.28 acres in the Tejon Ranch Commerce Center, a 20 msf master planned development on Interstate 5, just north of the Los Angeles basin. Nearly 6 msf of industrial, commercial, and retail space has already been developed, including distribution centers for IKEA, Caterpillar, Famous Footwear, L’Oreal and Dollar General.
“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.”
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