Goodman Group, Australia's largest listed industrial property group, announced that its wholly owned North American subsidiary, Goodman Birtcher, has launched development of a $150m logistics center at Rancho Cucamonga in the Inland Empire West market of Southern California.
The project signals the launch of a 15 million square foot development pipeline in key U.S. logistics markets, which will result in $1.4bn of development work in progress from Goodman Birtcher's operations over the next three years. It also follows the recent practical completion of Goodman Logistics Center Oakland, a $45m logistics facility in the Bay area's logistics hub.
Consistent with its development-led strategy in North America, Goodman Birtcher has progressed through intensive land procurement and much of the planning phases since its launch in the US market in June 2012. This has enabled Goodman Birtcher to secure strategically located, class A sites in key logistics locations near urban centers and key transport infrastructure across its primary target markets of California, Pennsylvania and New Jersey.
Goodman currently has approximately $2.5bn of development work in progress globally, with North America expected to contribute around $1.4bn to the total development workbook over the next three years.