Market Overview

Dollar General to Expand Distribution Operations at Tejon Ranch Commerce Center (TRCC)

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Dollar General leases additional space in new industrial building
developed by Tejon Ranch Co. and Majestic Realty Co.

The partnership of Tejon Ranch Co. (NYSE:TRC) and Majestic Realty Co.
today announced major discount retailer Dollar General (NYSE:DG) is
leasing more than 240,000 square feet of warehouse space in a new
building the partnership developed at the Tejon Ranch Commerce Center
(TRCC). Dollar General will use the new facility to support its
operations in California.

Dollar General currently operates out of a separate building at TRCC,
and with the expansion, will be increasing its footprint by nearly 40
percent.

"We are happy for Dollar General's success in California and are pleased
the Tejon Ranch Commerce Center is able to meet the company's need for
additional distribution space," said Joseph N. Rentfro, executive vice
president of real estate at Tejon Ranch Co. "Dollar General's decision
to expand here underscores Tejon Ranch's value as proven and opportune
place for companies wanting to locate and/or expand in California."

"Majestic Realty is proud to welcome Dollar General as the inaugural
tenant of the first building developed in partnership with Tejon Ranch
Co.," said Brett Tremaine, senior vice president at Majestic Realty Co.
"This is just the beginning, as we believe the Tejon Ranch Commerce
Center's strategic location and outstanding labor pool will prove to be
advantageous for many more companies in the future."

Dollar General has used the Tejon Ranch Commerce Center as the hub of
its California distribution operations for the last six years. With its
expansion into the new Tejon Ranch-Majestic Realty developed facility,
it will now occupy a total of more than 850,000 square feet of space
within TRCC.

"It makes perfect sense for Dollar General to expand its operations at
Tejon Ranch," says John DeGrinis, SIOR, Senior Executive Vice President
of Colliers International, who represents TRCC. "Its central location
directly on Interstate 5 allows them to serve stores in both northern
and southern California; the large pool of employees with a great work
ethic has led to a stable workforce with a low turnover rate; and the
fact that total operating costs are among the lowest in the state, all
add up to some pretty compelling reasons why TRCC represented a great
opportunity for Dollar General," he added.

The Tejon Ranch Commerce Center is Tejon Ranch Co.'s 1,450-acre master
planned commercial/industrial development located at the junction of
Interstate 5 and Highway 99, about an hour north of the Los Angeles
basin. The Commerce Center is also home to major distribution centers
for IKEA, Famous Footwear and Caterpillar Inc. (NYSE:CAT).

An additional 240,000 square feet of space is available in the new
building to be occupied by Dollar General. The building is a Class A
cross dock industrial building featuring a 36-foot clear height,
seven-inch floor slab and an ESFR sprinkler system. Overall, the Tejon
Ranch Commerce Center has nearly 16 million square feet of entitled
space available for sale, lease or build-to-suit, with sites ranging
from 20,000 square feet to more than 2,000,000. All of the industrial
sites at TRCC are included in Foreign Trade Zone #276, and additionally,
companies locating there are eligible to apply for tax rebate incentives
being offered by Kern County.

About Tejon Ranch Company (NYSE:TRC)

Tejon Ranch Company is a diversified real estate development and
agribusiness company, whose principal asset is its 270,000-acre land
holding located approximately 60 miles north of Los Angeles and 30 miles
south of Bakersfield. For more information on the company, please go to www.tejonranch.com.
For more information on the Tejon Ranch Commerce Center, please go to www.tejoncommerce.com.

About Majestic Realty Co.

Celebrating its 70th Anniversary in 2018, Majestic Realty Co.
is the largest, privately-held developer and owner of master-planned
business parks in the United States. With more than
78-million-square-feet in its portfolio, Majestic provides real estate
solutions for tenants large and small, creating jobs, tax revenue and
community benefits across the country. Headquartered in Southern
California, Majestic has regional offices in Atlanta, Bethlehem, Penn.,
Dallas, Denver, Fort Worth and Laredo, Texas, Las Vegas and Phoenix,
Ariz.

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