Goodman North America is returning to familiar ground with its latest investment in Orange County.
The Irvine-based developer, the North American division of Australian industrial giant Goodman Group, recently closed on the purchase of 1236 N. Magnolia Ave., a roughly 30,000-square-foot medical office property in Anaheim, near the intersection of the Santa Ana (5) and Riverside (91) freeways.
It paid $13.5 million for the site at the end of January, records from real estate market tracker CoStar Group Inc. show.
The deal works out to a price of nearly $460 per square foot for the existing building, which was built in 1982.
On a land basis, the roughly 2.8-acre property traded hands for nearly $4.9 million an acre, records indicate.
The seller was a local medical property investor that paid $4.5 million for the site in 2003, according to CoStar’s records, which indicates the building was vacant at the time of sale.
Amazon Hub
The just-bought site is next to the Goodman Industrial Center Anaheim, which sits just south of the 5 Freeway at 1256 N. Magnolia Ave.
Goodman North America bought the 12.8-acre site—at one time a Wickes Furniture store—in 2018 for a reported $36 million. It was the first OC investment for the firm.
After renovating the property, it got Amazon to lease the entire property, which now runs some 208,000 square feet.
The developer has yet to disclose whether it plans to build additional industrial facilities on the just-bought Magnolia Avenue site, or if it would be used by Amazon to expand its distribution hub operations there.
Both Goodman properties are across the street from the headquarters of Northgate Gonzales Market, a Hispanic grocery chain that is Orange County’s 18th largest private company with annual sales at an estimated $1 billion.
Fullerton, Inglewood
Elsewhere in North OC, Goodman has the largest industrial project in the county now under construction: the Goodman Logistics Center Fullerton.
The former Kimberly-Clark site, on 65 acres along the 91 freeway, is being turned into a four-building logistics campus totaling 1.5 million square feet.
Outside OC, recent acquisitions include a site in Inglewood that’s being converted into warehouse and creative office space.
Goodman North America reports having developed 18 million square feet of warehouse and distribution space, with a focus on California and the New Jersey area.
