SEO Description: Goodman Group, an Australia-based developer, has purchased Farmer John’s former manufacturing plant in Vernon for $209 million. The 29-acre property, known for producing L.A. Dodger dogs, was closed earlier this year by Smithfield Foods. Learn more about the acquisition and the potential redevelopment plans.
Focus Keyword: Goodman, Farmer John Plant, Vernon, acquisition, redevelopment
Introduction (first 100% of the content): Goodman Group, a leading Australia-based developer, has recently acquired the former manufacturing plant of Farmer John in Vernon for a staggering $209 million. The plant, which spans across 29 acres at 3049, 3095, and 3163 East Vernon Avenue, was renowned for its production of the famous L.A. Dodger dogs. Smithfield Foods, a Virginia-based company and a subsidiary of China’s WH Group, served as the seller for this high-profile transaction. This article delves into the details of the acquisition, shedding light on the reasons behind the plant’s closure and exploring the future prospects of its redevelopment.
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Content: Goodman North America, a subsidiary of Goodman Group, emerged as the successful bidder for the 350,500-square-foot meatpacking plant. Smithfield Foods closed the facility in February, attributing the decision to the high operational costs in California. Farmer John, an iconic brand in Los Angeles and the official producer of the renowned Dodger Dog until 2021, had a long-standing presence at this location.
Colliers, a prominent brokerage firm, facilitated the sale of the former manufacturing plant. While the exact sales price was not disclosed by Colliers, industry insiders revealed that it amounted to an impressive $209 million. The brokerage firm, in its announcement, highlighted the immense potential for the property’s redevelopment, terming it as a “generational redevelopment opportunity.” Given its size and location, the plant is primed to be transformed into a large-scale industrial park.
The transaction was brokered by Kendall, Gian Bruno, and Kenny Patricia of Colliers, representing both Smithfield Foods and Goodman North America. Their expertise and negotiation skills played a crucial role in finalizing the deal.
The industrial real estate market in Los Angeles currently boasts the highest property prices in the nation. With an average sales price of $417 per square foot recorded from January to May this year, Greater L.A. has outpaced other regions. Additionally, the sales volume in the area ranked second nationwide, only behind the Inland Empire.
Conclusion: Goodman Group’s acquisition of Farmer John’s former manufacturing plant in Vernon for $209 million marks a significant development in the industrial real estate landscape of Los Angeles. The closure of the iconic meatpacking plant and the subsequent purchase by Goodman North America set the stage for a potential transformation of the property into a large industrial park. With the expertise of Colliers and the growing demand for industrial spaces in the region, the future looks promising for this prime location in Vernon.
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