July 8, 2019— Goodman Group, the global owner, developer and manager of industrial property and business space, announces the acquisition of two of the largest industrial estates in the Los Angeles market. Totaling 127 acres, the acquisitions include the 90 acre former Boeing C-17 manufacturing plant in Long Beach, Calif. renamed the ‘Goodman Commerce Center Long Beach’ and a 37 acre former distribution center in Los Angeles, Calif. renamed the ‘Goodman Commerce Center Los Angeles.’ These facilities provide customers high-quality industrial opportunities to operate out of key urban locations providing direct access to large consumer markets in the area.
Anthony Rozic, CEO of Goodman North America said: “Supply across the Los Angeles market is heavily constrained with a current total vacancy rate of approximately one percent. 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.”
“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,” said Rozic.
Goodman will be working with the various stakeholders in the communities around these facilities to create diverse employment opportunities and innovative use of the spaces. This includes working closely with the City of Long Beach to reflect the vision of the City’s updated zoning for the Long Beach site in the Globemaster Corridor Specific Plan.
These recent acquisitions illustrate Goodman’s global gateway city strategy to own, develop and manage industrial real estate in key infill markets, close to consumers and urban centers. With a $3.7 billion development pipeline in the U.S., Goodman is actively seeking new acquisition opportunities and will continue to target land developments, value-add and stabilized opportunities in the core logistics markets of Los Angeles, Inland Empire, Northern New Jersey and the San Francisco Bay Area industrial markets.
Brett Hardy, Todd Anderson and Jeff Read from Newmark Knight Frank represented Boeing to complete the transaction of the former Boeing C-17 manufacturing plant in Long Beach and David Norrie from CBRE was instrumental in the transaction of the former distribution center.