Goodman acquires two logistics estates in California

Goodman Group has announced that its global operations have achieved carbon neutrality, four years ahead of its original 2025 target.

Goodman has acquired two estates totalling 127 acres in California. The acquisitions include the 90-acre former Boeing C-17 manufacturing plant in Long Beach, California and a 37-acre former distribution centre in Los Angeles. They have been renamed the ‘Goodman Commerce Centre Long Beach’ and the ‘Goodman Commerce Centre Los Angeles’, respectively. These facilities will provide customers industrial opportunities to operate out of key urban locations providing direct access to large consumer markets in the area.

Goodman will be working with the various stakeholders in the communities around these facilities to create employment opportunities and use of the spaces. This includes working with the City of Long Beach to reflect the vision of the City’s updated zoning for the Long Beach site in the Globemaster Corridor Specific Plan.

These recent acquisitions illustrate Goodman’s global gateway city strategy to own, develop and manage industrial real estate in key infill markets, close to consumers and urban centres. With a $3.7bn development pipeline in the US, Goodman 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.

Anthony Rozic, Chief Executive Officer of Goodman North America said. “Supply across the Los Angeles market is heavily constrained with a current total vacancy rate of approximately 1%. This makes the size and location of these facilities beneficial to prospective customers looking to improve their delivery speed to market. This will be the first time these sites have been available to customers, having been owned and occupied by the former owners for a long period of time.”

“As advances in technology, changes in consumer behaviour and the continued urbanization of gateway cities are driving the demand for well-located industrial space, we continue to invest in, develop and manage facilities close to consumers and key infrastructure such as ports, airports and major motorways enabling customers to develop an efficient supply chain and provide faster transit times.” Rozic continued.

Source: Goodman