LOS ANGELES, Dec. 17, 2021 /PRNewswire/ -- Staley Point Capital ("Staley Point"), a value-add investor focused on infill industrial properties, today announced the acquisition of 2425 Saybrook, a 42,000 square-foot warehouse with excess land in Commerce, CA, for $12.95 million which is $308 per building foot or $119 per land foot.
The highly functional asset has seven dock high positions and an expansive yard ideal for logistics tenants. The asset is currently 100% leased to DCG Distribution, a warehousing and trucking company, and marks Staley Point's second investment in Commerce, CA. In September, Staley Point acquired 2187 Garfield, a 132,000 square-foot cross-dock warehouse for $38.5 million.
"We are excited to close our second acquisition in Commerce," said Eric Staley, Managing Director of Staley Point. "The asset's proximity to major population centers, ample loading and excess yard make it ideal for a high throughput last-mile logistics tenant."
The asset is in the Central submarket which is the largest industrial submarket in the Los Angeles Basin with 300 million square feet. The industrial property is close to the intersection of Garfield Avenue and East Washington Boulevard, two major roads that provide direct access to the I-5, I-605, and I-710 Freeways. The site is also less than one hour from major Inland Empire distribution centers, and just 20 miles from the Ports of LA and Long Beach, which account for 40% of total sea freight entering the United States.
The acquisition was completed via a joint venture between Staley Point Capital and Bain Capital Real Estate. The vehicle has been an active acquiror of infill industrial properties on the West Coast since launching in September 2020. Most recently, Staley Point closed on 12450 Foothill Blvd., a 103,000 square-foot industrial property in Northern Los Angeles, for $24 million.
Winston & Strawn served as legal counsel to Staley Point Capital for the transaction. JLL represented both the buyer and 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.
Mickey Mandelbaum, Prosek Partners
Aidan O'Connor, Prosek Partners
SOURCE Staley Point Capital