LOS ANGELES, Sept. 17, 2021 /PRNewswire/ -- Staley Point Capital ("Staley Point"), a value-add investor focused on infill industrial properties, today announced the acquisition of 2187 Garfield, a 132,000 square-foot cross-dock warehouse in Commerce, CA, for $38.5 million, or $292 per square foot.
Located in the central submarket of Southern California, the largest industrial submarket in Los Angeles County, the industrial property sits at the intersection of Garfield Avenue and East Washington Boulevard with more than 448,000 vehicles per day. The two major roads provide convenient access to the I-5, I-605, and I-710 Freeways and the site is also 20 miles from the Ports of LA and Long Beach.
"Our latest acquisition is representative of our focus on high-quality, infill industrial properties in supply-constrained markets across Southern California," said Eric Staley, Managing Director of Staley Point. "We believe that there is strong tenant demand for a well-located cross-dock facility with ample yard and direct access to significant population density."
Staley Point plans to renovate and convert 2187 Garfield into a high-throughput last-mile distribution center for a single tenant. The site benefits from the more than 680,000 people that live within three miles and a significant supply-demand imbalance. Supply of industrial properties in Central has grown less than 0.3% over the last ten years.
The private purchase was completed via a joint venture between Staley Point Capital and Bain Capital Real Estate who have been an active acquiror of infill industrial properties across Southern California since launching in September 2020. Most recently, Staley Point closed the acquisition of 630 North Batavia, a three-acre redevelopment site in Orange, CA for $15.65 million in August.
Winston & Strawn, LLP served as legal counsel to Staley Point Capital for the transaction. Kidder Mathews 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 on the acquisition of value-add and opportunistic real estate investments primarily in the industrial sector. Notable Southern California investments have included The Citadel in the City of Commerce, Magellan Gateway in El Monte and a self-storage portfolio, Magellan Storage. To find out more, visit www.staleypoint.com.