Staley Point Capital, in joint venture with Bain Capital Real Estate, has acquired a two development sites in the Inland Empire for $37 million. The purchase includes a 7.4-acre land site in Corona, CA and a 4-acre land site in Fontana. The develop plans to build 250,000 square feet of industrial on the two properties. Both sites were purchased in off-market transactions.
Located on Smith Avenue, the Corona development site is an assemblage of three parcels from three different sellers for total purchase price of $24.6 million. The sites are located at 212, 216, and 220 Smith Avenue.
Located at 15363 Arrow Route, the Fontana development site traded hands for $12.3 million. It is permitted for outdoor storage, providing an opportunity cash flow for the developer while it pursues a class-A warehouse development.
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Kelsi Maree Borland
