REAL ESTATE

Real estate consists of the following at December 31:



($ in thousands)	2015			2014
Real estate development
Mountain Village	$	120,954		$	115,382
Centennial	84,194			78,974
Grapevine	18,285			13,301
Tejon Ranch Commerce Center	12,033			11,997
Real estate development	235,466			219,654

Real estate and improvements - held for lease, net
Tejon Ranch Commerce Center	19,783			17,781
Rancho Santa Fe and Other	4,242			4,216
Real estate and improvements - held for lease	24,025			21,997
Less accumulated depreciation	(2,083		)	(1,771		)
Real estate and improvements - held for lease, net	$	21,942		$	20,226

During 2015, we completed the construction of a multi-tenant commercial building within TRCC-East. The multi-tenant building was leased to Starbucks and Pieology, a quick service pizza offering. During 2015 we also completed construction on a real estate pad in TRCC-East and entered into a ground lease with Carl's Jr. All three tenants were fully operational at December 31, 2015. We also began construction of a second multi-tenant building to be occupied by Habit Burger and Baja Fresh. We expect these two offerings to be fully operational during the second quarter of 2016.