Goodman Birtcher, the wholly owned North American subsidiary of Australia-based Goodman Group, announced the purchase of two distribution centers spanning 130 acres in Los Angeles, California. CoStar estimates that Goodman paid approximately $240 million, or roughly $115 per square foot, making the deal one of the biggest in Southern California in recent history. The logistics portfolio spans two infill sites in Santa Fe Springs and El Monte, CA. The properties were sold by Albertsons Cos. Inc., with Louis Tomaselli, Zach Niles and Mark Detmer of JLL advising on the transaction.
"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," said Brandon Birtcher, CEO of Goodman Birtcher. Goodman Birtcher — one of the most active developers of large-scale industrial facilities in the U.S. in the past few years — said it plans to redevelop the two sites, 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 includes a six building logistics campus, totaling approximately one million square feet over 75 acres, with 18 acres of trailer parking, ambient, refrigerated and freezer facilities suitable for food users, last mile logistics and ecommerce companies. The 55 acre site in El Monte will be developed into a 1.2 million square feet Class A logistics facility, following approvals from the City of El Monte. The site will be constructed with a flexible and sustainable design, catering to a range of potential uses well suited for logistics and ecommerce customers, according to Goodman.
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