Goodman Group CEO Craig Edinger and the property (Credit: Google Maps)
Industrial developer Goodman Group paid supermarket chain Ralph’s Grocer Co. about $130 million for a sprawling manufacturing facility in Atwater Village, The Real Deal has learned. Sources said the deal closed May 30.
The property spans about 37 acres on San Fernando Road near Colorado Street. Ralph’s, the grocery store, built the warehouse facility in the late 1980s. At the time, it was one of the largest automated warehouses in the country, the Los Angeles Times previously reported.
Goodman declined to comment. A representative for Ralph’s did not respond to requests for comment.
The Australia-based industrial developer has been an active investor in Southern California recently, fueling the hot industrial real estate market. It recently completed a renovation of the Goodman Industrial Center Anaheim, a two-building campus spanning 143,250 square feet. Last month, the firm also signed a 300,000-square-foot lease with Japanese food supplier Mutual Trading at its under-construction 1.2 million-square-foot facility in El Monte.
While demand for industrial properties in L.A. County remains high, industrial activity has been the strongest in the Inland Empire. In April, Exeter Property Group bought an 806,300-square-foot building in San Bernardino for nearly $98 million. The deal was one among many pricey trades that have catapulted the Inland Empire to the top spot in the country for logistics facilities.
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