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
Renderings of The Star
The Star, a $500M office tower project, looks to light up Hollywood
The Star, a $500M office tower project, looks to light up Hollywood
The Boyd Street fire in May, 2020 (Getty)
LA fire captain sues building, vape shop owners over May 2020 explosion in downtown
LA fire captain sues building, vape shop owners over May 2020 explosion in downtown
Overton Moore Properties CEO Timur Tecimer with an aerial of the property (Google Maps, OMP)
Gardena industrial complex sells to Overton Moore Properties for $35M
Gardena industrial complex sells to Overton Moore Properties for $35M
(Getty Images)
SoCal’s “Space Beach” is ready for liftoff
SoCal’s “Space Beach” is ready for liftoff
Clockwise from top left: Kilroy Realty CEO John Kilroy, Boston Properties CEO Owen Thomas, TMG Partners CEO Michael Covarrubius and Eastdil Secured CEO Michael Van Konynenburg (Kilroy, LinkedIn via Thomas, TMG Partners, LinkedIn via Van Konynenburg, Getty)
“We gotta get people back to the office”: West Coast landlord execs press for return
“We gotta get people back to the office”: West Coast landlord execs press for return
Oxford Properties CEO Michael Turner and the campus (Oxford)
Oxford moves into LA with $134M industrial buy
Oxford moves into LA with $134M industrial buy
Post-production campus in Burbank sells for $37M
Post-production campus in Burbank sells for $37M
Post-production campus in Burbank sells for $37M
G6 Hospitality CEO Rob Palleschi and Motel 6 San Jose South, one of the largest assets in the portfolio (G6)
Blackstone’s Motel 6 portfolio gets $685M CMBS loan
Blackstone’s Motel 6 portfolio gets $685M CMBS loan
arrow_forward_ios

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

Loading...