The Goodman Group has snapped up Farmer John’s former manufacturing plant in Vernon, which produced the Los Angeles Dodgers, for $209 million.
Australian developer Goodman North America has agreed to purchase the 29-acre facility at 3049, 3095 and 3163 East Vernon Avenues. According to the Business Observer, citing unknown sources. The seller is Smithfield Foods in Virginia.
Smithfield is a subsidiary of China WH Group, Closed 350,500 square foot meatpacking plant In February, the cost of doing business in California was mentioned. The Farmer John brand is a Los Angeles icon and is producing the official Dodge Dogs through 2021.
Colliers The sale was announced but declined to disclose the price, Business Observer has learned from sources familiar with the deal.
The former site of one of Southern California’s largest food processing plants is “ready for a generational rebuild,” the brokerage said. It could be redeveloped into a large industrial park, the newspaper said.
Colliers brokers Kendall, Gian Bruno and Kenny Patricia represented Smithfield Foods and Goodman North America in the transaction.
Los Angeles’ industrial market now ranks among the most expensive real estate markets.As of May this year, the greater Los Angeles area recorded Highest Average Selling Price National $417 per square foot. It also marked the second-highest sales in the country, behind only the Inland Empire.
— Dana Bartholomew
