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
July 09, 2019 03:00PM

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