The firms' joint venture has closed
$87 million in acquisitions
across five transactions year-to-date
LOS
ANGELES, Aug. 5, 2024 /PRNewswire/ -- Staley Point
Capital ("Staley Point"), a
value-add investor focused on industrial properties across the West
Coast, and Bain Capital Real Estate ("Bain Capital"), the real
estate investing business of Bain Capital, today announced the
acquisition of two high-quality industrial assets in Orange County and North Los Angeles totaling 232,000 square
feet. The properties were purchased for a total of $42.6 million or $183 per square foot which represents a
significant discount to replacement cost.
The assets are located at 2335 Moore Ave. in Fullerton, CA and 21339 Nordhoff St. in
Chatsworth, CA. Moore totals
162,000 square feet in the West
Fullerton submarket of Orange
County, which has only 2.1% vacancy rate and 0.6% under
construction. The asset is fully leased to a food user that
benefits from the existing temperature-controlled improvements, 26
dock high loading positions and concrete truck court. Nordhoff
totals 70,000 square feet and is located in the San Fernando
Valley, which has a vacancy rate of 1.6% and limited construction
totaling less than 1.0% of the industrial base. The facility is
fully leased to a global credit tenant that benefits from the
significant power and proximity to a highly educated workforce,
making it ideal for advanced manufacturing.
"These acquisitions underscore our commitment to investing in
well-located industrial assets that benefit from strong demographic
tailwinds and in-place tenancy," said Eric
Staley, Managing Partner, Staley
Point. "Both properties align with our infill investment
strategy, offering compelling value in highly supply-constrained
submarkets with strong long-term demand fundamentals."
Staley Point and Bain Capital are
active West Coast infill industrial investors, having closed
$87 million in acquisitions
year-to-date across five transactions. The firms' joint venture is
also a strategic seller and recently announced the sale of two
assets in Buena Park, CA
(Orange County), bringing total
dispositions to $231 million over the
past 24 months.
"These are high-quality assets that are complementary to our
diversified West Coast industrial portfolio," said Andrew Terris, a Partner at Bain Capital. "We
believe these markets are well-positioned to benefit from continued
demand and rent growth and look forward to capitalizing on
additional opportunities in the region that align with our thematic
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 San Francisco Bay areas. For more
information,
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