Staley Point Capital and Bain Capital Real Estate Purchased Orange County Industrial Property for $21 Million
Staley Point Capital | May 05, 2021
Staley Point Capital ("Staley Point"), a value-add investor focusing on commercial assets in Southern California, and Bain Capital Real Estate, Bain Capital's real estate investing division, announced today the off-market purchase of a 100,000 square-foot industrial property in Brea, California, for approximately $21 million.
"Given the supply barriers to entry and the solid demographics, we hope that this is only the first of many transactions in Orange County," said Eric Staley, Managing Director of Staley Point. "By providing closing assurance on a short timeline, we were able to differentiate ourselves as a buyer."
The property is located at 331 Cliffwood in North Orange County, with easy access to the rest of the county via the 57 freeway. The asset has a clear height of 22 feet, four dock-high positions, and is completely leased for five years.
This is the fourth sale done by Staley Point and Bain Capital Real Estate. It comes on the back of the newly announced acquisition of a 58,000 square-foot industrial property in Santa Fe Springs, as well as the purchasing of Freeway Point, an 83,000 square-foot industrial property, and a land site in the San Fernando Valley.
"This investment represents both our partnership's continued success and our emphasis on investing locally in industrial properties with solid underlying growth fundamentals," said Andrew Terris, Managing Director at Bain Capital Real Estate. "We established North County as an appealing and high-performing submarket, and we look forward to capitalizing on additional prospects in the area that fit with our thematic and value-added investment strategy."
Staley Point Capital and Bain Capital Real Estate have formed a joint venture to reposition and redevelop existing infill industrial sites near dense urban centers, mainly in Southern California.
Staley Point Capital's legal counsel on the deal was Greenberg Traurig, LLP. Pacific Partners advised both the buyer and the seller, while JLL Capital Markets will handle the loan financing.
About Staley Point Capital
Staley Point Capital is a real estate investment company headquartered in Los Angeles. Kevin Staley founded the firm in 2019 to acquire value-add and opportunistic real estate investments, mainly in the industrial sector. Notable Southern California assets have included The Citadel in Commerce, Magellan Gateway in El Monte, and Magellan Storage, a self-storage portfolio.
About Bain Capital Real Estate
Bain Capital Real Estate was established in 2018 and invests in often difficult-to-access markets that are supported by long-term structural developments that fuel long-term demand growth for real estate assets and services. Since 2010 (previously as a member of Harvard Management Company), the Bain Capital Real Estate team has been executing its plan, investing over $4.5 billion in over 440 assets across various industries. Bain Capital Real Estate focuses on small to mid-sized assets, where the team leverages its extensive market knowledge to accelerate impact and drive operational improvements. Bain Capital Real Estate's strategy is consistent with the value-added investing model pioneered by Bain Capital, and it leverages the firm's global platform and vast expertise across asset classes to further strengthen its knowledge and sourcing capabilities.