By Keith Loria, Contributing Editor
Los Angeles—Goodman Birtcher has acquired a logistics portfolio spanning 130 acres across two infill sites in Santa Fe Springs and El Monte, Calif., for a reported $240 million.
“This acquisition further demonstrates our selective approach to expanding our presence in core U.S. industrial markets, focusing on targeted development and value-add investment opportunities in land constrained markets with high barriers to entry,” Brandon Birtcher, Goodman Birtcher CEO, said in a prepared release.
The six-building logistics campus in Santa Fe Springs consists of 1 million square feet on 75 acres and provides central access to the greater Los Angeles population. The facility includes 18 acres of trailer parking, ambient, refrigerated and freezer facilities suitable for food users, last mile logistics and e-commerce companies.
It is adjacent to the I-5 and within four miles south of the I-605 servicing the Port of Los Angeles.
The 55-acre site in El Monte will be developed into a 1.2 million-square-foot 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 e-commerce customers.
The JLL team of Louis Tomaselli, Zach Niles and Mark Detmer advised on the transaction.
Over the last year, 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.
According to Colliers’ latest industrial market report, the Los Angeles Basin market is the largest market in the U.S., totaling more than 1.5 billion square feet. It has some of the highest asking rental rates and also one of the lowest vacancy rates of any market in the U.S.
Image courtesy of Goodman Birtcher