REAL ESTATE

Real estate consists of the following at December 31:



($ in thousands)	2017			2016
Real estate development
Mountain Village	$	132,034		$	126,096
Centennial	94,271			89,381
Grapevine	28,139			23,917
Tejon Ranch Commerce Center	12,892			8,871
Real estate development	267,336			248,265

Real estate and improvements - held for lease, net
Tejon Ranch Commerce Center	21,123			21,643
Real estate and improvements - held for lease	21,123			21,643
Less accumulated depreciation	(2,008		)	(1,617		)
Real estate and improvements - held for lease, net	$	19,115		$	20,026

In January 2016, we completed construction of a multi-tenant commercial building located at TRCC-East. The multi-tenant building has a gross leasable area of 4,645 and is leased to Baja Fresh and Habit Burger.

In October 2016, we sold unimproved real property located at TRCC-East for $1,193,000 at a gain of $1,437,000.

In November 2016, we sold a building and land located in Rancho Santa Fe California for $4,700,000, recognizing a gain of $1,044,000.