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New warehouse announced for Tejon Industrial Park
BAKERSFIELD
April 10, 2007 10:32am
• First building of recently-okayed expansion
• Will seek Foreign Trade Zone status
Construction on a 606,000 square foot warehouse building at Tejon Industrial Complex is expected to begin soon. The warehouse was announced Tuesday following an appellate court decision clearing the way for expansion of the industrial park along Interstate 5 at the foot of the Grapevine, 30 miles south of Bakersfield. The warehouse will be built by Tejon Ranch Co. (NYSE: TRC) and Rockefeller Group Development Corp.
As part of the deal, the two partners will seek designation of the site as a Foreign Trade Zone. FTZs allow manufacturers and distributors to defer duty payment on imported items or raw materials that are stored in an FTZ until they are removed from the FTZ facility and entered into the commerce of the United States for consumption.
“Rockefeller Group is an organization with a worldwide reputation for quality commercial development, with a demonstrated depth of expertise in the Foreign Trade Zone arena,” says Robert Stine, president and CEO of Tejon Ranch Co., in written comments.
Tom McCormick, Rockefeller Group's senior vice president of development says his company’s studies of imported goods and commodities moving into the U.S. markets through the ports of Los Angeles and Long Beach indicate that the Tejon complex “is uniquely positioned to support the flow of such materials as they move into the marketplace.”
The 606,000-square-foot warehouse facility, which will be built adjacent to IKEA’s western regional distribution facility, will be available for lease. It will serve the requirements of companies that need to move goods from California’s ports to a centralized location for staging prior to statewide or western regional distribution.
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