Goodman Commences Rollout of a US$1.4 Billion US Development Pipeline, with Launch of a $US150 Million Southern California Project
Goodman Commences Rollout of a US$1.4 Billion US Development Pipeline, with Launch of a $US150 Million Southern California Project
PR56958
LOS ANGELES, June 5, 2014 /PRN=KYODO JBN/ --
Goodman Group (Goodman or Group), Australia's largest listed industrial
property group, with a global network spanning 33 cities and US$24.5 billion
(A$26.4 billion) of assets under management, today announces that its wholly
owned North American subsidiary, Goodman Birtcher has launched the development
of a new US$150 million logistics center at Rancho Cucamonga in the Inland
Empire West market of Southern California. The new project will be marked by an
official ground breaking event and also signals the launch of a 15 million sq
ft (1.4 million sqm) development pipeline in key US logistics markets, which
will result in US$1.4 billion of development work in progress from Goodman
Birtcher's operations over the next three years. It also follows the recent
practical completion of Goodman Logistics Center Oakland, a new US$45 million
logistics facility in the Bay area's logistics hub.
(Photo: http://photos.prnewswire.com/prnh/20140604/94082 )
Key points:
+ Executing on North American development-led
investment strategy of prime quality logistics
and industrial assets in key logistics hubs to
address limited supply.
+ Secured eight prime sites in key logistics markets,
including California, Pennsylvania and New Jersey,
providing a 15 million sq ft (1.4 million sqm)
development pipeline.
+ North America expected to become a key market for
Goodman over the next four years, contributing
significantly to the Group's US$24.5 billion
(A$26.4 billion) of assets under management.
+ Southern California development portfolio comprising
approximately 343 acres of land across five locations
in infill Los Angeles and the Inland Empire West
markets.
+ The five Southern California development projects
provide a total combined completion value of US$775
million.
+ Development commenced on a 74.9 acre site at Rancho
Cucamonga in the Inland Empire West of a 1.6 million
sq ft (148,000 sqm) logistics center, comprised of two
facilities.
+ Letter of intent signed for a portion of the space at
Goodman Logistics Center Oakland, with customer
negotiations being finalised on the remaining space.
US strategic progress
Consistent with its development-led strategy in North America, Goodman Birtcher
has progressed through intensive land procurement and much of the planning
phases since its launch in the US market in June 2012. This has enabled Goodman
Birtcher to secure strategically located, class A sites in key logistics
locations near urban centers and key transport infrastructure across its
primary target markets of California, Pennsylvania and New Jersey.
Goodman Group CEO, Mr. Greg Goodman said: "We are very pleased with the
progress being made in our North American business. Our focus over the past two
years has been to assemble a high quality portfolio of class A sites in our
target locations and we are now ready to commence the rollout of a significant
development program, at a time when key US investment demand drivers are
recovering and the supply of high quality, big box warehouse space remains
limited."
Goodman currently has approximately US$2.5 billion (A$2.7 billion) of
development work in progress globally, with North America expected to
contribute around US$1.4 billion to the total development workbook over the
next three years.
"As a long-term owner of high quality assets, with capital in place through our
partnership with Canada Pension Plan Investment Board, and the ability to draw
on our global expertise, development capability and customer relationships,
Goodman Birtcher is well positioned to provide our North American customers
with a flexible and innovative product and service offering," Mr. Goodman added.
Goodman Logistics Center Rancho Cucamonga
Goodman Birtcher acquired the 74.9 acre property at Rancho Cucamonga in 2012
and is developing a new logistics center offering a total of 1,589,946 sq ft
(148,000 sqm) of prime quality logistics space at the strategically located
site. The logistics center has been named Goodman Logistics Center Rancho
Cucamonga and will comprise two cross-dock facilities of 555,664 sq ft (52,000
sqm) and 1,034,282 sq ft (96,000 sqm), which are expected to complete in March
2015 and May 2015 respectively.
Brandon Birtcher, CEO Goodman Birtcher said: "We are very pleased to be
launching the development of Goodman Logistics Center Rancho Cucamonga. The
project positions us well to take advantage of the significant demand for class
A logistics and warehousing space in the key Inland Empire West market,
particularly for Big Box facilities of greater than 500,000 sq ft (46,000 sqm)."
"With 1.6 million sq ft (148,000 sqm) of new space under construction, Goodman
Logistics Center Rancho Cucamonga offers the only distribution warehouse space
of this size in the local market, while its flexible design is capable of
satisfying the requirements of a broad range of customer groups."
The two cross-dock facilities being constructed have a flexible and sustainable
design, catering to a range of potential uses and would be well suited for
logistics and e-commerce customers. Both buildings will offer a clear height of
36 feet (11 metres), ample trailer parking stalls, superior site access and
manoeuvring space, with generous truck court depths of a minimum 185 feet (56
metres).
Goodman Logistics Center Rancho Cucamonga is well located in close proximity to
transport infrastructure, being less than one mile from the 15 freeway, less
than two miles from the 10 freeway and seven miles from Ontario International
Airport.
A ground breaking event to launch its first wave of developments in Southern
California, including Goodman Logistics Center Rancho Cucamonga, will take
place at the Auto Club Speedway in Fontana on Wednesday, 4 June. In attendance
will be the Mayor of Rancho Cucamonga, Mr. Dennis Michael, together with city
council members, local municipal and planning agencies, brokers and all parties
directly associated with the development.
Other Southern California development opportunities
Goodman Birtcher has built a substantial land bank in the key Southern
California logistics market, providing a range of opportunities to benefit from
the limited supply of high grade, large format industrial space. In addition to
Rancho Cucamonga, a further 269 acres of developable land is available across a
number of sites, which are currently at different stages of the planning
approval process.
Identified projects in Southern California include:
+ Goodman Logistics Center Fontana -- a recently
acquired 30 acre site in Fontana for the planned
development of a single 639,000 sq ft (59,000 sqm)
logistics facility.
+ Goodman Commerce Center Eastvale -- a 181 acre site
located within the City of Eastvale and adjacent to
the 15 freeway. It offers a mixed-use development plan
providing a variety of potential uses including retail,
medical, hospitality, office, business park and light
industrial totalling 3.7 million sq ft (344,000 sqm).
+ Goodman Logistics Center Santa Fe Springs -- a master
planned 53 acre site offering a planned total of 1.2
million sq ft (111,000 sqm) of warehouse distribution
facilities across three buildings.
+ Goodman Logistics Center Compton -- a 5 acre site
offering the planned development of approximately
102,000 sq ft (9,500 sqm) logistics facility, located
just two miles from the 110 and 105 freeways.
"The range of projects we are bringing to the Southwest market will enable us
to deliver up to a total of 6.2 million sq ft (576,000 sqm) of new class A
industrial product and facilitate the rollout of our quality service offering
for customers across the region," Mr. Birtcher said.
About Goodman Birtcher
For further information, visit: www.goodmanbirtcher.com
About Goodman
For further information, visit: www.goodman.com
For further information, please contact Goodman Birtcher:
Brooke Birtcher Gustafson
Vice President Development Operations
Tel. +1-949-407-0139
SOURCE: Goodman Group
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