Goodman Group snags 1M sf industrial lease at Santa Fe Springs

Industrial real estate remains hot, with nationwide vacancy at all-time low

Los Angeles /
May.May 23, 2018 11:30 AM
The Goodman Gateway Santa Fe Springs complex

A logistics company has signed a nearly 1-million-square-foot lease for a Sante Fe Springs distribution center.

Damco signed a 10-year lease for all of Goodman Group’s 989,809-square-foot Santa Fe Springs industrial park, according to CoStar. The property, called Goodman Gateway, has six buildings on 75 acres, including 18 acres for truck parking.

The American wing of the Australian developer and manager, Goodman North America, picked up the property and one other in El Monte in 2016 for $240 million from an Idaho-based Albertsons Companies, the grocery company. That deal penciled out to around $171 per square foot.

The Santa Fe Springs site was a former oil refinery that required significant remediation by Goodman. Prologis was also interested in the property, according to CoStar.

Its a half-mile from Interstate 5 and three miles to Interstate 605, giving Damco quick access to key routes around the county, including to the ports of Los Angeles and Long Beach and Los Angeles International Airport

Industrial real estate is hot as ever. Vacancy across the country last year was at an all-time low and 2017 was the first year that rent growth outpaced other sectors.

With the market so tight, owners in L.A. are finding offers from prospective tenants, and investors are quickly finding buyers for properties on the market. Chicago-based Bridge Development Partners unloaded a 512,000-square-foot Class A property in Torrance earlier this month for $103 million.

In The City of Industry, a San Francisco-based food distributor plans to cut out the middle man and develop a new warehouse and office facility on a 5.4-acre site it bought for $20.5 million. [CoStar] — Dennis Lynch 


Related Articles

arrow_forward_ios
Anaheim Ducks' Henry and Susan Samueli; 2695 E. Katella Avenue (OCVibe, Anaheim Ducks)
Anaheim Ducks owners envision $4B entertainment village
Anaheim Ducks owners envision $4B entertainment village
 30801 South Coast Highway (Montage Hotels, Getty)
Chinese insurer to sell Montage Laguna Beach for $700M
Chinese insurer to sell Montage Laguna Beach for $700M
Charles Company's Mark and Arman Gabay and a rendering of 550 E. Colorado Boulevard in Pasadena (WATG)
195-room hotel planned for Pasadena’s Playhouse District
195-room hotel planned for Pasadena’s Playhouse District
Bardas Investment Group's David Simon with 6311 Romaine Street
Hollywood’s Television Center readies for $600M makeover
Hollywood’s Television Center readies for $600M makeover
Century Plaza project at 2025 Avenue of the Stars and Woodbridge Capital Partners' Michael. Rosenfeld (CoStar)
Stake in the Century Plaza Hotel heads to auction block
Stake in the Century Plaza Hotel heads to auction block
Valley Central at 44400 Valley Central Way in Lancaster (Google Maps, Getty)
Lancaster shopping center trades for $45M
Lancaster shopping center trades for $45M
UCLA chancellor Gene Block; former Marymount California University campus (UCLA, MCU)
UCLA pays $80M for former Marymount California campus
UCLA pays $80M for former Marymount California campus
IDS Real Estate Group’s co-CEOs David Mgrublian and Murad Siam with Irwindale Speedway at 500 Speedway Drive in Irwindale (Irwindale Event Center, IDS Real Estate, Getty)
Irwindale Speedway site to transform into industrial park
Irwindale Speedway site to transform into industrial park
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...