Sale marks the joint venture's fifth
disposition in 24 months for combined amount of $231 million
BUENA
PARK, Calif., July 29,
2024 /PRNewswire/ -- Staley Point Capital
("Staley Point") and Bain Capital
Real Estate ("Bain Capital") today announced the $53.3 million sale of two assets totaling 183,000
square feet on 9.2 acres located at 5530 Beach Blvd. and 5609 River
Way in Buena Park, CA. The assets
were acquired in March of 2022 for $41
million and the sale represents the joint venture's fifth
disposition over the past 24 months for a combined aggregate amount
of $231 million.
The two assets were sold to a consumer products business that
will benefit from the properties' frontage on Beach Blvd. and the
proximity to local consumers, amenities and major freeways.
Buena Park is a highly sought
after submarket at the intersection of Los Angeles and Orange County, two of the most
supply-constrained markets in the country.
"This transaction demonstrates the success of well-located,
high-quality assets and reflects our ability to deliver for our
investors across cycles," said Eric
Staley, Managing Partner, Staley
Point. "Orange County
remains one of the tightest industrial markets in the country as a
result of a structural supply-demand imbalance and we will continue
to seek out attractive acquisition opportunities as part of our
infill industrial strategy."
Orange County has minimal new
supply, with only 2.1% industrial vacancy driven by diverse demand
drivers including strong local consumption. The market is further
supported by the Ports of Los
Angeles and Long Beach
which have experienced double-digit year-over-year import growth in
nine of the last ten months.
"This sale reflects the continued progress of our collaborative
partnership with Staley Point and
underscores the successful execution of our thematic industrial
strategy," said Andrew Terris, a
Partner at Bain Capital. "Southern
California remains a high conviction market and we look
forward to capitalizing on continued opportunities in the region
that align with our value-added and target investment
approach."
About Staley Point Capital
Staley Point Capital is
a Los Angeles-based real estate investment firm. The firm was
founded in 2019 by Kevin Staley and focuses on the
acquisition of value-add and opportunistic real estate investments
primarily in the industrial sector. The current portfolio is
diversified across the Southern
California, Seattle and the San Francisco Bay Area.
To find out more, visit www.staleypoint.com.
About Bain Capital Real Estate
Bain Capital Real
Estate was formed in 2018 and pursues investments in often
hard-to-access sectors underpinned by enduring secular trends that
drive long-term demand growth for real estate assets and services.
The Bain Capital Real Estate team has been executing its strategy
since 2010 (formerly as a part of Harvard Management Company),
having invested and committed over $8.3 billion of equity
across multiple sectors. Bain Capital Real Estate focuses on assets
where the team applies its deep industry expertise to accelerate
impact and drive operational improvements. Bain Capital Real
Estate's strategy aligns with the value-added investment approach
that Bain Capital pioneered and leverages the firm's global
platform and significant experience across asset classes to further
bolster its insights and sourcing capabilities. Bain Capital is one
of the world's leading private investment firms with
approximately $185 billion of assets under
management. For more information,
visit https://www.baincapitalrealestate.com.
Media Contacts
For Staley Point Capital
Morgan McGinnis, Prosek
Partners
mmcginnis@prosek.com
For Bain Capital Real Estate
Scott Lessne
Stanton
(646) 502-3569
slessne@stantonprm.com
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SOURCE Staley Point Capital