Sydney-based logistics firm Goodman Group has acquired two of the largest logistics estates in Los Angeles, totalling 127 acres, for an industrial park redeveloped.
IPE Real Assets understands that the end value of the parks to be between $700m and $750m (€624m-€669m)
The acquisitions include the 90-acre former Boeing C-17 manufacturing plant in Long Beach, and a 37-acre former distribution centre in Los Angeles. The investor reportedly paid around US$200m for the Boeing manufacturing plant.
The company said the properties would be renamed ‘Goodman Commerce Center Long Beach’ and ‘Goodman Commerce Center Los Angeles’ respectively.
Anthony Rozic, CEO of Goodman North America, said this would be the first time the sites had been available to customers. They had been owned and occupied by the former owners for a long period.
“Supply across the Los Angeles market is heavily constrained, with a current total vacancy rate of approximately 1%,” he said.
“This makes the size and location of these facilities beneficial to prospective customers looking to improve their delivery speed to market.”
The group is actively seeking new acquisition opportunities and will continue to target land developments, value-add and stabilised opportunities in the core logistics markets of Los Angeles, Inland Empire, Northern New Jersey and the San Francisco Bay Area industrial markets, Rozic said.
