Staley Point Capital and Bain Capital Real Estate Acquire Torrance Industrial Property for $34.5 Million

LOS ANGELES and BOSTON, June 30, 2021 /PRNewswire/ -- Staley Point Capital ("Staley Point"), a value-add investor focused on industrial properties in Southern California, and Bain Capital Real Estate, the real estate investing business of Bain Capital, today announced the acquisition of 2700 California, a 135,000 square-foot industrial infill property in Torrance, California for $34.5 million. The transaction, which equates to $256 per square-foot, marks the joint venture's first investment in the South Bay market.

The property, formerly occupied by Edelbrock, a specialty auto parts designer and manufacturer, features 16'-25' clear height, six dock-high doors, and 14 grade-level doors. Conveniently located ten minutes from Redondo Beach, 15 minutes from LAX, and 20 minutes from the Ports of Long Beach and Los Angeles, the site is also well-connected to the broader region via the I-405 and I-710 major freeways, allowing logistics and e-commerce companies to distribute goods efficiently across Southern California.

"We are pleased to have completed our first transaction in the South Bay," said Kevin Staley, Managing Partner of Staley Point. "As rising rates in and around Los Angeles County are prompting businesses to find more cost-effective sub-markets, Torrance's retail amenities and proximity to the area's Beach Cities make for an attractive alternative destination."

The South Bay is a leading West Coast market for distributors and cargo-centered sea-and-air industrial users. When combined, the ports of Los Angeles and Long Beach account for more than a third of all U.S. waterborne international trade. The ports also rank in the top-ten worldwide by dollar volume and tonnage of goods distributed. Regional port activity in May 2021 saw a 74% increase from the previous year, the highest annual gain 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 underlying fundamentals that are situated near dense population centers," said Andrew Terris, Managing Director at Bain Capital Real Estate. "Together, we are committed to unlocking investment opportunities across the region that have the redevelopment and repositioning potential to benefit from our unique operational and value creation capabilities."

This is the joint venture's sixth acquisition since launching in September 2020. Most recently, Staley Point and Bain Capital Real Estate purchased a 14-acre site in the Inland Empire, with additional transactions in Orange County, Santa Fe Springs and the San Fernando Valley.

Greenberg Traurig, LLP served as legal counsel to Staley Point Capital for the transaction. CBRE represented the seller, and JLL Capital Markets will arrange the loan financing.

About Staley Point Capital
Staley Point Capital is a Los Angeles-based real estate investment firm. The firm was founded in 2019 by Kevin Staley and focuses on the acquisition of value-add and opportunistic real estate investments primarily in the industrial sector. Notable Southern California investments have included The Citadel in the City of Commerce, Magellan Gateway in El Monte and a self-storage portfolio, Magellan Storage. To find out more, visit www.staleypoint.com.

About Bain Capital Real Estate
Bain Capital Real Estate (www.baincapital.com/businesses/real-estate) was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested and committed more than $5.2 billion of equity in more than 470 assets across multiple sectors over $5.2 billion of equity in over 470 assets across multiple sectors. Bain Capital Real Estate focuses on small to mid-sized assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate's strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm's global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities.

Contacts:

Mickey Mandelbaum, Prosek Partners
(310) 709-8900 
[email protected]

Aidan O'Connor, Prosek Partners
(646) 818-9283
[email protected] 

SOURCE Staley Point Capital