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6/30/23
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Goodman North America has acquired a 29-acre industrial infill site in the city of Vernon, a coveted, mid-cities location for industrial real estate in the L.A. Currently, the property comprises one of Southern California's largest food processing plants, formerly operated by Smithfield Foods—the seller in the transaction—with six existing buildings for processing, manufacturing, and warehousing.
Positioned five miles south of Downtown Los Angeles at 3049, 3095, and 3163 East Vernon Ave, the property grants immediate entry to critical transportation infrastructure such as the BNSF Intermodal, UPRR and every major arterial freeway across Los Angeles. The site's Central LA location and proximity to the Los Angeles and Long Beach ports provide a world-class industrial redevelopment opportunity.
Michael Kendall, Gian Bruno, and Kenny Patricia with Colliers led the disposition effort on behalf of Smithfield Foods and repped the buyer, Goodman North America. Other Colliers pros involved in the deal include John Carpin and Jimmy Martin. The firm’s Tom Condon, Alex Blecksmith, and Matt Erickson have been retained for the future leasing of the property on behalf of Goodman.
"Due to the scarcity of developable land in the Central LA submarket, industrial land accumulation of this size has not been seen in over ten years," said Kendall. "This transaction creates a generational opportunity to build one of the most significant industrial facilities in the world."
Goodman operates in key consumer markets in 14 countries across Asia Pacific, Europe, and the Americas, with a property development approach in North America focused on providing high-quality properties in highly targeted locations. Goodman's flexible and functional portfolio of properties are strategically located near key infrastructure, including arterial roads, seaports, airports, and railway networks.
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