US property investors Dedeaux Properties and Basis Investment Group have sold a recently completed 233,217sqft warehouse building at Tejon Ranch in Lebec, California, to an owner occupier for $37.1m (€34.2 m).
The purchase price set a new benchmark on a per sqft basis for the Tejon market at $159 per sqft.
The new building sits on 12.28 acres in the Tejon Ranch Commerce Center, a 20m sqft development on Interstate 5, just north of the Los Angeles basin.
Ted Evans, director of asset management at Dedeaux, who oversaw the Tejon Ranch project, said: “Our initial plan was to lease out the building and we received multiple inquiries from prospective tenants. However, we received a very attractive offer to purchase the property at the end of the year which enticed us to sell.”
Dedeaux, which specialises in the investment and development of logistics-oriented real estate in California, acquired the land in the first quarter of 2022 marking its entry into the Tejon submarket.
Evans added: “This was our first development in Tejon Ranch and certainly will not be our last. The buyer joins many other large corporations who have relocated or expanded to the market and we look forward to developing more product in Tejon Ranch in the future.”
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