Staley Point, Bain Capital Buy Two South California Industrial Properties for $42.6M

Staley Point Capital and Bain Capital are teaming up to purchase two industrial properties in Southern California for $42.6 million.

One is located in Orange County at 2335 Moore Avenue in Fullerton, CA. The other is in North Los Angeles at 21339 Nordhoff Street in Chatsworth, CA. They both collectively make up 232,000 square feet. The cost of the properties comes out to $183 per square foot.

The Orange County property is fully leased to a food user and features a concrete truck court, and 26 high dock loading positions. The asset’s vacancy rate is just 2.1 percent and 0.6 percent of the property under construction.

The North Los Angeles asset is also fully leased but to a credit tenant. The 70,000 square foot space has less than one percent under construction, with a 1.6 percent inoccupancy rate.

“These are high-quality assets that are complementary to our diversified West Coast industrial portfolio,” said Andrew Terris, 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.”

A recent report from CommercialEdge found that Southern California commands the highest demand region for industrial real estate. And Orange County was the ”priciest industrial market,” with average in-place rents of $15.69 per square foot in June, according to the CRE firm. This is thanks to the limited land availability.

Meanwhile, the collaboration on the couple of properties with Staley and Bain isn’t the first time the two real estate firms have worked together. In fact, the duo has closed five acquisitions worth $87 million collectively year-to-date. In the past 24 months, the two have been involved with $231 million worth of transactions. In July, Staley and Bain sold two assets in Southern California for $53 million.