Goodman Group lands massive Boeing complex, with big conversion plans

The 1.1M-sf property traded for more than $200M, and will transform into shopping and industrial development

Los Angeles /
Jul.July 09, 2019 03:00 PM
Anthony Rozic, CEO of Goodman North America, HERE. Dennis A. Muilenburg, Boeing CEO
Anthony Rozic, CEO of Goodman North America and Dennis A. Muilenburg, Boeing CEO

Less than a month after Goodman Group bought a 37-acre manufacturing site from Ralph’s Grocer, the industrial developer acquired a massive Boeing property in Long Beach.

The most recent deal for the 93-acre property — including a 1.1 million-square-foot building — is estimated at more than $200 million, according to the Press Telegram. Australia-based Goodman Group is partnering with the city to convert the space into shopping and industrial development, adding to the booming industrial market in Los Angeles County.

The former manufacturing plant between the Long Beach Airport and Cherry Avenue will be renamed Goodman Commerce Center Long Beach. Goodman Group will meet with city lawmakers over the next several weeks to discuss initial plans.

As an example of what to expect, City Councilwoman Stacy Mungo pointed to nearby Douglas Park with the Long Beach Exchange shopping center, and tenants like Mercedes-Benz USA, United Pacific and Virgin Orbit.

A project like that would require a zoning change and approval from the Planning Commission. The city is currently crafting a specific plan for the area called the “Globemaster Corridor,” named after Boeing’s C-17 aircraft.

Boeing manufactured cargo planes for the U.S. military at the site for about 20 years. UPS made a bid for the site earlier this year, but said in June it was looking elsewhere. [Press Telegram]Gregory Cornfield


Related Articles

arrow_forward_ios
Waterford’s John Drachman and Oceanaire at 150 W. Ocean Boulevard in Long Beach (Photos via Waterford and Oceanaire)
Waterford will convert 200-unit luxury rental complex to workforce housing
Waterford will convert 200-unit luxury rental complex to workforce housing
City Place Long Beach with Waterford’s John Drachman, Monument’s Benjamin Poirier and Turnbridge’s Michael Gazzano (RPALA Group, Linkedin)
Ownership trio takes over beleaguered shopping center in Long Beach
Ownership trio takes over beleaguered shopping center in Long Beach
Sheraton Pasadena and the Queen Mary (iStock)
Embattled REIT seeks to auction SoCal hotels, Queen Mary lease
Embattled REIT seeks to auction SoCal hotels, Queen Mary lease
Rendering of the RiverPark development (City of Long Beach)
Housing community proposed on former oil well water treatment site
Housing community proposed on former oil well water treatment site
6156 Ramirez Canyon Road and 20 37th Place (Credit: Redfin)
This way to the beach: Homes next to ocean topped priciest sales
This way to the beach: Homes next to ocean topped priciest sales
West Ocean Towers (Credit: Ledcor Group)
Developers of Long Beach’s tallest tower sued by contractor
Developers of Long Beach’s tallest tower sued by contractor
Troy Palmquist is expanding The Address into Long Beach with local agent Andy Dane Carter his first hire
Next address for The Address? Long Beach
Next address for The Address? Long Beach
Bank of America Vice President and Senior Underwriter Paul Kim and the Hampton Inn
Nexus Companies refinances Long Beach Hampton Inn for $41M
Nexus Companies refinances Long Beach Hampton Inn for $41M
arrow_forward_ios

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

Loading...