Bakersfield, California’s industrial logistics market received a big boost when global home furnishings retailer Ikea signed a lease for about 630,000 square feet at Tejon Ranch Commerce Center at 5151 Wheeler Ridge Road.
For its sheer size, and as an indicator of high demand with potential to bring more large tenants to the region, the Ikea lease was awarded a 2023 CoStar Impact Award for Bakersfield in the lease of the year category, as judged by a panel of local industry professionals.
The building now housing Ikea is part of a larger, master-planned industrial project developed by Majestic Realty and Tejon Ranch Co. The neighborhood includes other recently arrived large tenants such as Camping World, Caterpillar, Dollar General, Famous Footwear and L’Oreal.
“Based on our history of success with our partners at Tejon Ranch Co., and the continued strength of the market, we see more opportunity on the horizon,” Majestic Realty Executive Vice President Brett Tremaine said.
Tremaine said developers are counting on Tejon Ranch Commerce Center’s location, along with a strong local labor pool, to prove “advantageous for many more companies in the future.”
About the transaction: The building leased by Ikea was completed in late 2022 on one of four development sites at Tejon Ranch Commerce Center. The master-planned development spans 1,450 acres near the junction of Interstate 5 and state Route 99.
They made it happen: The landlords were represented by Brent Weirick, Peter McWilliams and Mac Hewett of brokerage JLL. The tenant was represented by Anthony Beatty, Michael McCrary and Cody Clayton of JLL.