The acquisition marks the joint venture’s first investment in the South Bay market.
LOS ANGELES and BOSTON, June 30, 2021 / PRNewswire / – Staley Point Capital (“Staley Point“), a value-added investor specializing in industrial property in Southern California, and Bain Capital Real Estate, real estate investment firm Bain Capital today announced the acquisition of 2,700 California, a 135,000-square-foot industrial development in Torrance, California, for $ 34.5 million… A deal that equates to USD 256 per square foot is the joint venture’s first investment in the South Bay market.
The building, formerly occupied by Edelbrock, a designer and manufacturer of specialized auto parts, has a clear height of 16 to 25 feet, six doors down to dock level and 14 doors in its class. Conveniently located ten minutes from Redondo Beach, 15 minutes from Los Angeles Airport and 20 minutes from the ports Long beach as well as Los AngelesThe site is also well connected to the wider region via the main highways I-405 and I-710, allowing logistics and e-commerce companies to efficiently distribute goods across Southern California…
“We are delighted to complete our first South Bay deal,” he said. Kevin Staley, Managing Partner at Staley Point. “As rates rise in and around Los Angeles County encourage companies to look for more profitable submarkets, Torrance shops and proximity to beach towns make the area an attractive alternative destination. “
South Bay is the West Coast’s leading market for freight-focused shipping and air transport distributors and industrial users. Combined ports Los Angeles as well as Long beach they account for more than a third of all US international trade in water transport. The ports are also among the top ten in the world in terms of dollar volume and tonnage of goods delivered. Regional port activities in May 2021 increased 74% over the previous year, the highest annual growth on record as the economy continues to recover from the global pandemic.
“This transaction is consistent with our focus on identifying infill projects with strong fundamentals that are located close to densely populated centers,” said Andrew Terris, managing director of Bain Capital Real Estate. “Together, we are committed to uncovering investment opportunities across the region that have the potential to realign and reposition to capitalize on our unique operational and value creation capabilities.”
This is the sixth acquisition of a joint venture since launch in September 2020… Recently, Staley Point and Bain Capital Real Estate acquired 14 acres of land in the Inner Empire with additional deals in Orange County, Santa fe springs and the San Fernando Valley.
Greenberg Traurig, LLP acted as legal advisor to Staley Point Capital on the transaction. CBRE 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, more than $ 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