LOS ANGELES, Aug. 12, 2021 /PRNewswire/ -- Staley Point Capital ("Staley Point"), a value-add investor focused on infill industrial properties, today announced the acquisition of 888 Crowther Ave, a 58,000 square-foot, industrial property in the North County submarket of Orange County, for $15 million ($259 per square foot).
Built in 1998, 888 Crowther Ave has 24' – 30' clear height with three dock-high loading areas and a yard that can service 53' trailers. The property has four rail doors with direct access to the BNSF Railway, the largest freight railroad network in North America and a provider of three separate transcontinental routes. The property is also directly adjacent to State Route 57 which provides immediate access to the Orange County market with a population of 3.2 million (the sixth most populous U.S. county).
"We are pleased to complete the acquisition of 888 Crowther Ave, which is a strong addition to our portfolio of infill industrial properties across Southern California," said Eric Staley, Managing Director of Staley Point. "Orange County has compelling supply-demand fundamentals supported by a diverse economy and we look forward to evaluating additional investment opportunities in the region."
Orange County accounts for approximately 10% of California's economy ($300 billion). Asking rents for building space exceeding 50,000 square feet have increased 27% year-over-year, as the County maintains a low vacancy rate of 1.4%. In the last two years alone, more than 25 million square feet of industrial space has been renovated and repurposed for improved use, equating to almost 10% of the County's supply-constrained inventory. North Orange County is the largest submarket within Orange County with 104 million square feet and a vacancy rate of just 2.2%.
Staley Point Capital and Bain Capital Real Estate have a joint venture to invest in the Southern California infill industrial market. This is the joint venture's ninth infill industrial investment in Southern California since it launched in September 2020. Most recently, the joint venture purchased 20409 Prairie Street, a 42,000 square-foot industrial property in the San Fernando Valley and 11804 Wakeman Street, a 55,000 square-foot industrial property in Santa Fe Springs.
Greenberg Traurig, LLP served as legal counsel to Staley Point Capital for the transaction. JLL represented the seller.
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.
Mickey Mandelbaum, Prosek Partners
Aidan O'Connor, Prosek Partners
SOURCE Staley Point Capital