(EDITOR’S NOTE: According to public records, the site traded for $206.4 million.)
Los Angeles – Colliers today announced the sale of a large-scale ±29 acre industrial infill site primed for a generational redevelopment in Los Angeles’ most coveted industrial core. The facility 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 Avenue in the city of Vernon, California, 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.
Colliers’ Western Region Industrial Capital Markets Team of Michael Kendall, Gian Bruno, and Kenny Patricia led the disposition effort on behalf of Smithfield Foods and the buyer, Goodman North America. The Colliers platform advised on several aspects of the transaction, including John Carpin and Jimmy Martin of the Corporate Solutions Team and Vernon market experts Tom Condon, Alex Blecksmith, and Matt Erickson, who 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, Vice Chair at Colliers. “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.
“The size, scale, and development potential of this property adds depth to our Greater Los Angeles portfolio in a highly desirable location that meets our customers’ growing demand for supply chain optimization, cold storage requirements, faster speed-to-market, and sustainable design. Partnering with the progressive City of Vernon, we look forward to unlocking the full potential of this property,” said Anthony Rozic, CEO of Goodman North America.
