Major Los Angeles Industrial Estates Acquired by Goodman Group
Goodman Group can now add two major Los Angeles-based industrial estates to it’s acquisitions list. A former L.A. distribution center and Long Beach Boeing C-17 manufacturing plant confirm a total of 127 acres for the acquisition and will be recognized as the “Goodman Commerce Center Long Beach” and “Goodman Commerce Center Los Angeles.”
“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,” said Anthony Rozic, CEO of Goodman North America. “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.”
Goodman confirmed it will utilize the newly acquired sites to provide its customers industrial-specific opportunities, citing the optimal urban locations as advantageous in targeting large consumer populations. The industrial property group added $3.7 billion to its U.S. development pipeline and will continue seeking logistics-focused acquisitions within the Los Angeles, Inland Empire, Northern New Jersey and the San Francisco Bay Area regions.
“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,” concluded Rozic.
Source: Goodman Group