The LA Deal Sheet
After acquiring the 90-plus-acre former Boeing C-17 manufacturing factory in Long Beach for a reported $240M, the Goodman Group announced it has also closed on a 37-acre former distribution center in Los Angeles.
The Long Beach property at and around 2400 and 2401 East Wardlow Road is being dubbed the Goodman Commerce Center Long Beach. The industrial property in Los Angeles will be renamed the Goodman Commerce Center Los Angeles.
The news release did not disclose the address of the second industrial site and how much the company paid for it. A Goodman spokesperson had not responded to an email as of press time.
Newmark Knight Frank's Brett Hardy, Todd Anderson and Jeff Read represented Boeing, which sold the Long Beach site to Goodman Group.
Both of the industrial properties are available for lease to tenants seeking a distribution or manufacturing center, Goodman officials said.
“Supply across the Los Angeles market is heavily constrained with a current total vacancy rate of approximately 1%," Goodman North America Anthony Rozic said in a news release. "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.”
The acquisition of both sites is part of Goodman's global gateway strategy to own, develop and manage industrial real estate in key infill markets, close to consumers and urban centers, the company said.
Goodman has a $3.7B development pipeline in the U.S.
Company officials said Goodman will continue to actively seek new acquisition opportunities and land, value-add and stabilized opportunities in Los Angeles, Inland Empire, Northern New Jersey and the San Francisco Bay Area industrial markets.
“As advances in technology, changes in consumer behavior 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 said.
SALES
Nonprofit tissue and organ donor organization OneLegacy has purchased a 98,800 SF office building in Azusa from Proficiency Capital Corp. - Optical LLC for $18.4M. Built in 1987, the office building at 1303 Optical Drive features a three-story atrium, an internal courtyard and freeway visibility. CBRE’s Vindar Batoosingh represented the buyer.
***
A private investor has purchased a 33,800 SF industrial building in Lake Forest from an undisclosed seller for $9.4M. Built in 1997, the industrial building at 25871 Atlantic Ocean Drive is fully leased to an online retailer. The building sold for $277/SF with a cap rate of 4.75%. Colliers International’s Richard Schwartz and Joey Reaume represented the buyer.
***
A private investor has purchased a six-unit multifamily property in South Pasadena from Howard l for $2.12M. Built in 1917, the property consists of two two-story buildings at 603 Mound Ave. Marcus & Millichap’s Filip Niculete, Glen Scher and Michael McNulty represented the seller. Berkshire Hathaway’s Matthew Bryant represented the buyer.
***
Fig and Roselawn has purchased two mixed-use buildings totaling 9,100 SF in Highland Park from a JV of Nela Development 1 and Highland Center for $5.77M, according to CRE data site Reonomy. The mixed-use buildings at 5532 and 5526 North Figueroa St. are office and retail. JLL’s Dana Brody and Nicole Mihalka represented the seller. Industry Partners’ Aram Pogosian represented the buyer.
***
A private investment company has acquired a seven-unit multifamily property in West Los Angeles from a private investor for $3.29M. The Ocean Park Gardens at 11824 Ocean Park Blvd. consists of a six-unit apartment building with a separate three-bedroom house on the lot. The apartment building has four one-bedroom units and two two-bedroom units. Stepp Commercial's Mark Ventre represented the buyer.
LEASES
Harvard Eye Associates has signed a lease with Greenlaw Partners to occupy 27K SF of medical office space in the Saddleback Medical Building on the campus of Saddleback Memorial Medical Center at 23961 Calle de La Magdelena. Terms of the deal were not disclosed. Colliers International’s John Wadsworth and Aaron Phillips represented the landlord. Savills Studley’s Matt Wiley represented Harvard Eye Associates.
***
Pacific Athletic Wear has signed a $3.2M lease with Hurtt Jr. Real Estate to occupy a 76K SF industrial building at 7340 Lampson Ave. in Garden Grove. The length of the deal was not disclosed. Lee & Associates’ Jack Haley and Greg Diab represented the landlord. JLL represented Pacific Athletic.
***
Miro has signed a lease with Atlas Capital to occupy 7,178 SF of office space at Row DTLA at 777 Alameda St. in Los Angeles. Newmark Knight Frank's Ryan Harding represented the tenant. Office occupancy at Row DTLA is approximately 82%.
EXECUTIVE NEWS
CBRE has hired Jim Dobleske as global president of project management. He will join the company July 15. Dobleske will be responsible for driving the company's growth for project management and work with 7,200 management professionals around the world. Prior to joining CBRE, Dobleske served as global head of enterprise at JLL. Curt Grantham, who has been serving as global president of project management at CBRE, will focus on leading the company’s project management business in the Americas.
