Mar 07, 2022, 09:00 ET
LOS ANGELES, March 7, 2022 /PRNewswire/ -- Staley Point Capital ("Staley Point"), a value-add investor focused on infill industrial across the West Coast, today announced the off-market acquisitions of a 7.4 acre land site on Smith Avenue in Corona, CA and a 4.0 acre land site on Arrow Route in Fontana, CA. The two development sites were acquired for a combined purchase price of $37 million, or $74 per land foot.
The transactions are Staley Point's first acquisitions in the Inland Empire West, which was the country's strongest performing submarket in 2021. Staley Point intends to develop approximately 250,000 square feet of Class A industrial across the two sites. The transaction in Corona was the assemblage of three parcels from three different sellers at 212, 216, and 220 Smith for $24.6 million, or $76 per land square foot. The site is situated in the major Corona industrial corridor with direct access to the I-91 Highway and Orange County's dense population base. The 4.0 acre Fontana land site at 15363 Arrow Route was acquired for $12.3 million or $70 per land foot and is uniquely permitted for outdoor storage. The site is immediately available for lease as Staley Point evaluates the development of a Class A warehouse.
"With a vacancy rate of just 0.5%, as well as the highest industrial asset rent growth in the country, these potential developments in the Inland Empire West are a valuable addition to our West Coast industrial portfolio," said Eric Staley, Managing Director of Staley Point. "The Inland Empire continues to benefit from the tremendous level of tenant demand for high quality industrial product. We will continue to evaluate both existing asset and development opportunities as we expand our presence in the area."
The purchases were 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 purchased 12065 Pike St., a 159,964 square-foot infill industrial asset in Santa Fe Springs, California, for $35 million. The firm also acquired 18689 Arenth Ave., a 97,000 square-foot industrial asset in San Gabriel Valley's City of Industry, for $22 million. Both transactions took place in January 2022.
For both transactions Winston & Strawn, LLP served as legal counsel and JLL Capital Markets will arrange the financing. For the Corona transaction, Voit Commercial represented both the buyer and seller. Kidder Mathews represented the buyer and seller for the transaction in Fontana.
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
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