Staley Point Capital and Bain Capital Real Estate Acquire Two Infill Assets in Southern California for $42.6 Million

The firms' joint venture has closed $87 million in acquisitions across five transactions year-to-date

LOS ANGELES, Aug. 5, 2024 /PRNewswire/ -- Staley Point Capital ("Staley Point"), a value-add investor focused on industrial properties across the West Coast, and Bain Capital Real Estate ("Bain Capital"), the real estate investing business of Bain Capital, today announced the acquisition of two high-quality industrial assets in Orange County and North Los Angeles totaling 232,000 square feet. The properties were purchased for a total of $42.6 million or $183 per square foot which represents a significant discount to replacement cost.

The assets are located at 2335 Moore Ave. in Fullerton, CA and 21339 Nordhoff St. in Chatsworth, CA. Moore totals 162,000 square feet in the West Fullerton submarket of Orange County, which has only 2.1% vacancy rate and 0.6% under construction. The asset is fully leased to a food user that benefits from the existing temperature-controlled improvements, 26 dock high loading positions and concrete truck court. Nordhoff totals 70,000 square feet and is located in the San Fernando Valley, which has a vacancy rate of 1.6% and limited construction totaling less than 1.0% of the industrial base. The facility is fully leased to a global credit tenant that benefits from the significant power and proximity to a highly educated workforce, making it ideal for advanced manufacturing.

"These acquisitions underscore our commitment to investing in well-located industrial assets that benefit from strong demographic tailwinds and in-place tenancy," said Eric Staley, Managing Partner, Staley Point. "Both properties align with our infill investment strategy, offering compelling value in highly supply-constrained submarkets with strong long-term demand fundamentals."

Staley Point and Bain Capital are active West Coast infill industrial investors, having closed $87 million in acquisitions year-to-date across five transactions. The firms' joint venture is also a strategic seller and recently announced the sale of two assets in Buena Park, CA (Orange County), bringing total dispositions to $231 million over the past 24 months.

"These are high-quality assets that are complementary to our diversified West Coast industrial portfolio," said Andrew Terris, a Partner at Bain Capital. "We believe these markets are well-positioned to benefit from continued demand and rent growth and look forward to capitalizing on additional opportunities in the region that align with our thematic investment approach."

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. The current portfolio is diversified across the Southern California, Seattle and San Francisco Bay areas. For more information, visit www.staleypoint.com.

About Bain Capital Real Estate
Bain Capital 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 over $8.3 billion of equity across multiple sectors. Bain Capital Real Estate focuses on 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. Bain Capital is one of the world's leading private investment firms with approximately $185 billion of assets under management. For more information, visit https://www.baincapitalrealestate.com.

Media Contacts

For Staley Point Capital
Morgan McGinnis, Prosek Partners
[email protected]   

For Bain Capital Real Estate
Scott Lessne
Stanton
(646) 502-3569
[email protected] 

SOURCE Staley Point Capital