Goodman North American closes biggest industrial deal in SF this year

$70M for shuttered school bus facility in Bayview.

San Francisco /
Jun.June 23, 2022 01:30 PM
2270 Jerrold Ave, San Francisco with Goodman North America CEO Anthony Rozic (Loopnet)
2270 Jerrold Ave, San Francisco with Goodman North America CEO Anthony Rozic (Loopnet)

Goodman North America has closed the largest industrial deal in San Francisco this year, acquiring the shuttered Bayview facility of a school bus charter company.

The firm, a subsidiary of an Australian industrial property company Goodman, paid $70 million for 2270 Jerrold Avenue, according to The Registry. The property contains three single-story industrial buildings totaling 13,200 square feet on a 3.5-acre lot.

The high price likely reflects a combination of continued strong demand for industrial property in the Bay Area, the amount of land available for redevelopment, and a zoning status that allows a broad spectrum of uses, from light manufacturing, laboratory, truck terminal and vehicle parking.

The seller is First Student, a subsidiary of Scotland-based transport company FirstGroup plc. FirstGroup, which has its US headquarters in Cincinnati, owns the Greyhound passenger bus line and operates more than 400 school bus charter locations in North America.

First Student announced plans to shut down the facility in San Francisco about a year ago, according to a previous report from the San Francisco Business Times. The firm laid off 200 employees there at the same time, citing “sudden, unforeseen business circumstances” in an apparent reference to the pandemic’s effect on school attendance.

Goodman North America owns one other Bay Area property, an 83,674-square-foot property called Goodman Commerce Center at 1755 Rollins Road in Burlingame.

In February, the firm paid $46 million for 540-550 North Oak Street, a 5.5-acre site in Inglewood near Los Angeles International Airport and SoFi Stadium. Goodman plans to convert the site, formerly a printing press and a grain warehouse, into a mixed-use complex called the Goodman Innovation Center Inglewood. Plans for the project call for expanding the site to make way for offices and 114,000 square feet of warehouse space.

Goodman did not respond to a request for comment.

[The Registry] – Christian Bautista





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