Goodman acquires two of the largest logistics estates in Los Angeles

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.

Related images

  • Goodman Group

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2548

    Asset class: Fixed Income, Emerging Market Debt Hard Currency (Active).
    Asset region: Emerging Markets.
    Size: CHF 300-400m.
    Closing date: 2019-07-30.

  • QN-2549

    Asset class: Fixed Income, Emerging Market Debt Hard Currency (Passive or Passive Enhanced).
    Asset region: Emerging Markets.
    Size: CHF 300-700m.
    Closing date: 2019-07-30.

  • QN-2550

    Asset class: Fixed Income, Emerging Market Debt Local Currency (Active).
    Asset region: Emerging Markets.
    Size: CHF 250-350m.
    Closing date: 2019-07-31.

  • QN-2551

    Asset class: Fixed Income, Emerging Market Debt Local Currency (Passive or Passive Enhanced).
    Asset region: Emerging Markets.
    Size: CHF 250-350m.
    Closing date: 2019-07-31.

  • QN-2552

    Asset class: Fixed Income, High Yield (Active).
    Asset region: High Yield (US).
    Size: CHF 500-600m.
    Closing date: 2019-07-29.

  • QN-2553

    Asset class: Fixed Income, High Yield (Passive or Passive Enhanced).
    Asset region: High Yield (US).
    Size: CHF 500-1'100m.
    Closing date: 2019-07-29.

  • QN-2554

    Asset class: Global Real Estate (Equity, unlisted Funds).
    Asset region: World (ex-Switzerland).
    Size: CHF 200 mn (potential for further growth).
    Closing date: 2019-08-07.

  • QN-2555

    Asset class: Real Estate.
    Asset region: European.
    Size: EUR 50 - 100 million.
    Closing date: 2019-07-22.

  • QN-2556

    Asset class: FX Hedging.
    Asset region: Global.
    Size: Mandate size of CHF 1.5 bn.
    Closing date: 2019-08-09.

  • QN-2557

    Asset class: All/large Cap Equities.
    Asset region: China A-shares.
    Size: Unit linked platform (0m USD in initial investment).
    Closing date: 2019-08-01.

Begin Your Search Now