Friday, June 13, 2014

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Industrial property group develops $150M logistics hub in S. California

Photo credit: Goodman Birtcher

Industrial property group Goodman Birtcher, a North American subsidiary of Australia’s Goodman Group, has announced the development of a new $150 million logistics center at Rancho Cucamonga in Southern California.

Goodman Logistics Center Rancho Cucamonga is a 74.9-acre property that will offer a total of 1,589,946 square feet of prime logistics space, the company statement said. The logistics center will be comprised of two cross-dock facilities of 555,664 square feet and 1,034,282 square feet, expected to be complete in March 2015 and May 2015 respectively.

The company said the project heralds the launch of a 15-million-square-foot development pipeline in key U.S. logistics markets, which will result in $1.4 billion of development work over the next three years.

It also follows the recent completion of Goodman Logistics Center Oakland, a new $45 million logistics facility in the Bay Area.

Since its U.S. launch in June 2012, Goodman Birtcher reports it has secured key logistics locations near urban centers and transport infrastructure across its primary target markets of California, Pennsylvania and New Jersey.

"We are very pleased with the progress being made in our North American business," said Goodman Group CEO Greg Goodman. "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 U.S. investment demand drivers are recovering and the supply of high quality, big box warehouse space remains limited."

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