Goodman Buys CA Distribution Centers

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.

For more news and information visit Blumberg Partners.

Benjamin Moore Plans for New Distribution Center in Oakland

Benjamin Moore & Co. announced this week that it has plans to open new distribution center in Oakland, California, scheduled to open by early 2015. The new 374,725 square foot facility will support the distribution of all Benjamin Moore & Co. products and eventually serve as the key distribution center for the company's growing network of Asia Pacific retailers and distributors.

"Benjamin Moore & Co.'s business continues to grow, and with it the demand for increased distribution and fulfillment operations to deliver our best in class products to our network of independent retailers and customers," said Mike Searles, president and CEO of Benjamin Moore & Co. "We're committed to being the best partner for our retailers in every way and with this new distribution center customers can expect to see many new Benjamin Moore stores opening."

The newly constructed Goodman Logistics Center in Oakland will be leased to Benjamin Moore & Co. by Goodman Birtcher North America on behalf of the owner, Goodman North American Partnership, and is the first-ever Silver LEED certified site for Benjamin Moore & Co. The property is situated within the Port of Oakland's Oakland Airport Business Park, a business-friendly enterprise and eco-conscious industrial zone, located just east of the San Francisco central business district.

"We are delighted to welcome Benjamin Moore & Co. as a new customer at our LEED certified Goodman Logistics Center Oakland," said Brandon Birtcher, CEO of Goodman Birtcher North America. "This Class A facility typifies Goodman Birtcher's approach to providing our customers with flexible, high quality industrial space in strategic locations, which is capable of meeting their unique operational requirements."

For more news and information visit Blumberg Capital Partners.