Irvine-based developer Goodman Birtcher has bought a pair of massive distribution centers in Los Angeles County, including a property just over the county line in Santa Fe Springs, in one of the larger industrial acquisitions seen in Southern California in recent memory.

The North American subsidiary of Australia-based Goodman Group recently completed the purchase of two industrial sites owned by Albertsons Cos. Inc., in Santa Fe Springs and the San Gabriel Valley city of El Monte.

The two infill properties total about 133 acres and together hold a little more than 2 million square feet of distribution space.

Goodman Birtcher—one of the most active developers of large-scale industrial facilities in the U.S. in the past few years—plans to redevelop the two sites.

The El Monte site is slated for 1.2 million square feet of new space and specific redevelopment plans for the Santa Fe Springs site haven’t been disclosed.

Financial terms of the sale were not disclosed by Goodman Birtcher or Albertsons.

CoStar Group Inc. estimates that the two sites sold for a combined $240 million, or roughly $115 per square foot, a price also cited by other real estate sources familiar with the transaction.

A deal near that price hasn’t been reported in the region’s tight industrial market in the past four years, according to brokerage data.

Louis Tomaselli and Zach Niles, with the Irvine office of JLL, and Mark Detmer, with the Los Angeles office of the Chicago-based brokerage, advised on the transactions.

The Santa Fe Springs and El Monte distribution centers currently are used by Safeway Inc. and Vons, which operate under the Albertsons umbrella.

Albertsons, based in Boise, Idaho, is owned by an investor group led by New York’s Cerberus Capital Management, which bought the company in 2013 and later merged it with the Safeway chain.

The grocery chains aren’t expected to occupy the two L.A. County properties on a long-term basis.

Once a short-term lease for the sites expires, both “will provide significant redevelopment opportunities,” Goodman Birtcher said in a statement.

The sites represent “the largest industrial redevelopment and reuse opportunity in Southern California,” according to JLL’s marketing materials for the sites, which were listed for sale last September.

The Santa Fe Springs site, at 12801 Excelsior Drive, runs about 77.6 acres, while the El Monte site is about 56 acres.

Albertsons owns about 92 acres at the San Gabriel Valley location but opted to keep a portion of the property for the time being after initially marketing the entire site for sale.

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