The LA Deal Sheet
After acquiring the 90-plus-acre former Boeing C-17 manufacturing factory in Long Beach for a reported $240M, the Goodman Group announced it has also closed on a 37-acre former distribution center in Los Angeles.
The Long Beach property at and around 2400 and 2401 East Wardlow Road is being dubbed the Goodman Commerce Center Long Beach. The industrial property in Los Angeles will be renamed the Goodman Commerce Center Los Angeles.
The news release did not disclose the address of the second industrial site and how much the company paid for it. A Goodman spokesperson had not responded to an email as of press time.
Newmark Knight Frank's Brett Hardy, Todd Anderson and Jeff Read represented Boeing, which sold the Long Beach site to Goodman Group.
Both of the industrial properties are available for lease to tenants seeking a distribution or manufacturing center, Goodman officials said.
“Supply across the Los Angeles market is heavily constrained with a current total vacancy rate of approximately 1%," Goodman North America Anthony Rozic said in a news release. "This makes the size and location of these facilities beneficial to prospective customers looking to improve their delivery speed to market. This will be the first time these sites have been available to customers, having been owned and occupied by the former owners for a long period of time.”
The acquisition of both sites is part of Goodman's global gateway strategy to own, develop and manage industrial real estate in key infill markets, close to consumers and urban centers, the company said.
Goodman has a $3.7B development pipeline in the U.S.
Company officials said Goodman will continue to actively seek new acquisition opportunities and land, value-add and stabilized opportunities in Los Angeles, Inland Empire, Northern New Jersey and the San Francisco Bay Area industrial markets.
“As advances in technology, changes in consumer behavior and the continued urbanization of gateway cities are driving the demand for well-located industrial space, we continue to invest in, develop and manage facilities close to consumers and key infrastructure such as ports, airports and major motorways enabling customers to develop an efficient supply chain and provide faster transit times,” Rozic said.
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