(EDITOR’S NOTE: According to a source with knowledge of the transaction, the property sold for $45.8 million.)
Goodman has acquired a 5.5-acre prime site in Inglewood, CA to refurbish it into a modern, flexible, mixed-use space. Over the years, the site has been home to a number of diverse businesses including a grain warehouse, a paint & oil company, a water company, and a printing press, among others. With this refurbishment, the site’s varied history starts a new chapter as the Goodman Innovation Center Inglewood.
The comprehensive renovation will include expansion of an open floor plan to create the opportunity for office and creative space, alongside around 114,000 sq ft of warehouse or distribution space – as well as exterior upgrades. It will be available for lease from April 2022.
Located at 540-550 North Oak Street in Inglewood, CA., this multi-faceted property is less than a mile from the 405 freeway, 3.4 miles from LAX and only 2 miles away from the new SoFi Stadium.
Discussing the property’s broad appeal, Goodman’s Head of Asset Management Mike Kent, said, “Inglewood is an attractive location for a wide range of customers given its proximity to Downtown LA and excellent transport links. It provides direct, same day delivery options to over 18 million consumers for businesses requiring that kind of access and scale.
“In addition, while still close enough to the entertainment capital, the area is increasingly considered an appealing alternative to West LA submarkets including Manhattan Beach, Santa Monica and Hawthorne for the tech and entertainment sectors. With a shortage of urban infill space of this size, and clear market demand, we also see this as the ideal creative hotspot location.”
Jonathan Larsen and Sally Zesut from Avison Young’s Los Angeles office represented Goodman on the recent purchase of the property and have been selected to lease the property. Commenting on current leasing opportunities Larsen said “overall vacancy for industrial product hit a record low of 0.52% for the Greater Los Angeles market in Q4 2021, Goodman’s comprehensive refurbishment will create a space that is bound to appeal to a wide variety of customers who want a base in this fantastic, supply constrained location.”
This is the latest project by Goodman North America which has developed 13 million sq ft of warehouse and distribution space in high quality locations, with its main focus on the infill markets of Los Angeles and Northern New Jersey.
