LOS ANGELES and BOSTON, Jul 15, 2021 / PRNewswire / – Staley Point Capital (“Staley Point“), a value-added investor specializing in industrial property in Southern California, and Bain Capital Real Estatereal estate investment firm Bain Capital announced the acquisition of 11804 Wakeman Street, a 55,000 square foot industrial development in Santa Fe Springs, California, for USD 12.8 million USA… A transaction that represents a purchase price of USD 233 per square foot, this is the joint venture’s third investment in a local Santa fe springs region.
This home, which was previously owned and occupied by Astro Paper, a family-owned distributor of high quality paper and envelopes, has undergone a major refurbishment. The renovation included a new roof, 3,500 square feet of refurbished office space and professional landscaping. The site also has four berths at the top, 23-27 feet clear height, five ground floor doors and a 24,000 square foot secured area for vehicle and product storage.
“We are delighted to complete this purchase, which contributes to our presence in one of the largest submarkets in Los Angeles County, “said Eric Staley, Managing Director of Staley Point. “We are encouraged by the prospects for this asset, given the recent renovation, safe site and limited market space.”
Vacancy in Santa fe springs the submarket is only 0.6% due to the growing attractiveness of the limited supply of the Mid-Districts market for industrial tenants. 11804 Wakeman Street has direct access to the rest of Los Angeles County via I-5 and I-605, close to major logistics hubs including Long Beach Airport (8 miles), Los Angeles International Airport – LAX (25 miles) plus ports Los Angeles as well as Long beach (20 miles). Taken together, these ports rank ninth in the top ten largest ports in the world in terms of both dollar volume and tonnage of goods distributed. Regional port activities in May 2021 increased by 74% over the previous year, the highest annual growth rate on record as the economy continues to recover from the global pandemic.
11804 Wakeman Street is the seventh joint venture acquisition since launch in September 2020… Recently, Staley Point and Bain Capital Real Estate acquired 2700 California, a 135,000 square foot industrial development in Torrance, California, for $ 34.5 million… The joint venture acquired other industrial assets in Orange County, Santa fe springsand the San Fernando Valley.
Greenberg Traurig, LLP acted as legal advisor to Staley Point Capital on the transaction. DAUM Commercial represented the seller and JLL Capital Markets will arrange loan financing.
About Staley Point Capital
Staley Point Capital is a real estate investment firm based in Los Angeles. The firm was founded in 2019 by Kevin Staley and is focused on attracting additional and profitable real estate investments, primarily in the industrial sector. Notable investments in Southern California include the Citadel in the merchant city, the Magellan Gateway in El Monte, and the Magellan Storage self-service portfolio. To find out more visit www.staleypoint.com…
About Bain Capital Real Estate
Bain Capital Real Estate (www.baincapital.com/busshops/real-estate) was established in 2018 and aims to invest in often hard-to-reach sectors, underpinned by sustained age-old trends that drive long-term growth in demand for real estate assets and services. The Bain Capital Real Estate team has been implementing its strategy since 2010 (previously as part of the Harvard Management Company), investing over US $ 5.2 billion of own funds in more than 470 assets in various sectors. Bain Capital Real Estate focuses on small and medium-sized assets, where the team applies their deep industry expertise to accelerate impact and improve operations. Bain Capital Real Estate’s strategy aligns with the value-added investment approach pioneered by Bain Capital and leverages the firm’s global platform and significant experience across multiple asset classes to further deepen its understanding and sourcing capabilities.
Mickey Mandelbaum, Prosek Partners
Aidan O’Connor, Prosek Partners
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SOURCE Staley Point Capital