LOS ANGELES, Oct. 11, 2021 /PRNewswire/ -- Staley Point Capital ("Staley Point"), a value-add investor focused on infill industrial properties, today announced the acquisition of 2424 8th Ave S. (8th Ave.), a 90,000 square-foot warehouse in the South of Downtown ("SODO") neighborhood of Seattle, WA, for $31.6 million, or $351 per square foot.
SODO is the most proximate industrial pocket to the Port of Seattle, the city's central business district, and the significant population density in the Seattle and Bellevue neighborhoods. The fully leased asset has 42 dock high doors that are ideal for last-mile, high-throughput tenants. 8th Ave. is also within 10 miles of the region's most significant distribution hubs, including SeaTac International Airport, and the BNSF and Union Pacific railway yards.
"8th Ave. is a highly functional asset in a submarket with declining industrial supply and more than 500,000 people within five miles," said Eric Staley, Managing Director of Staley Point. "We secured the transaction by providing speed and certainty to the seller. We appreciate the opportunity to strengthen our presence in the Seattle market."
Seattle has benefitted from the growth of several leading technology companies, including Amazon, Apple, Facebook, and Google. The city's ports are the fourth largest in the U.S. by volume and have performed well in the first half of 2021. These growth drivers, combined with shrinking industrial supply, have contributed to strong industrial tenant demand in the SODO area.
"Seattle is a high conviction market for our industrial strategy due to its strong growth fundamentals and we are excited to execute on our value-added investment approach to further enhance this high-quality property." said Andrew Terris, a Managing Director at Bain Capital Real Estate. "We look forward to the continued growth of our partnership with Staley Point and thoughtfully expanding our portfolio in the Greater Seattle area over time."
The private purchase was completed via a joint venture between Staley Point Capital and Bain Capital Real Estate. The partnership has been an active acquirer of West Coast infill industrial properties since launching in September 2020. Most recently, Staley Point and Bain Capital Real Estate closed the acquisition of 2187 Garfield Avenue a 132,000-square-foot warehouse at in Commerce, CA, for $38.5 million.
Winston & Strawn, LLP served as legal counsel to Staley Point Capital for the transaction. Newmark represented the seller and JLL Capital Markets will arrange the loan financing.
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 primarily on the acquisition of value-add and opportunistic industrial real estate investments on the West Coast. Notable historic investments have included The Citadel in the City of Commerce, Magellan Gateway in El Monte and Magellan Storage, a self-storage portfolio. To find out more, visit www.staleypoint.com.
About Bain Capital
Bain Capital Real Estate (www.baincapital.com/businesses/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 more than $5.2 billion of equity in more than 475 assets across multiple sectors. Bain Capital Real Estate focuses on small to mid-sized 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.
Mickey Mandelbaum, Prosek Partners
Aidan O'Connor, Prosek Partners
SOURCE Staley Point Capital