Wednesday, 15 June 2016
Goodman Group (Goodman or Group), one of the world’s largest industrial property groups, with a global network spanning 16 countries and over $25 billion (A$33 billion) of assets under management, today announces that its wholly owned North American subsidiary, Goodman Birtcher, has secured a logistics portfolio spanning 130 acres across two infill sites in Santa Fe Springs and El Monte, California.
Brandon Birtcher, CEO of Goodman Birtcher said, “This acquisition further demonstrates our selective approach to expanding our presence in core US industrial markets, focusing on targeted development and value add investment opportunities in land constrained markets with high barriers to entry.”
On expiry of the current leases, both logistics sites will provide significant redevelopment opportunities with the potential to add 1.2 million square feet of new Class A logistics space to its growing development pipeline in the region.
The Santa Fe Springs site comprises a six building logistics campus, totalling approximately one million square feet over 75 acres. It is adjacent to the I-5 and within four miles south of the I-605 servicing the Port of Los Angeles. The facility provides central access to the greater Los Angeles population and includes 18 acres of trailer parking, ambient, refrigerated and freezer facilities suitable for food users, last mile logistics and ecommerce companies.
The transaction also includes a 55 acre site in El Monte that will be developed into a 1.2 million square feet Class A logistics facility, following approvals from the City of El Monte. The site is located less than one mile from the I-10 and four miles west of the I-605. It will be constructed with a flexible and sustainable design, catering to a range of potential uses well suited for logistics and ecommerce customers.
Louis Tomaselli, Zach Niles and Mark Detmer of JLL advised on the transaction.
This acquisition is in addition to a number of projects in Goodman Birtcher’s US$2.3 billion identified US development pipeline, which will provide 17.7 million square feet of Class A logistics space in the key logistics and industrial markets of the Inland Empire, Greater Los Angeles, Northern New Jersey and Central Pennsylvania.
Over the last 12 months, Goodman Birtcher has completed 3.3 million square feet of Class A development product in the Inland Empire West and Greater Los Angeles logistics markets, with a further 2.6 million square feet currently under construction. This is consistent with Goodman’s ongoing commitment to servicing the needs of its global customer base through the development of modern, well-located properties for long-term ownership.
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