LOS ANGELES, Jan. 18, 2022 /PRNewswire/ -- Staley Point Capital ("Staley Point"), a value-add investor focused on infill industrial properties, today announced the off-market acquisition of 12065 Pike St, a 159,964 square-foot infill industrial asset in Santa Fe Springs, California, for $35 million. The transaction, which represents a purchase price of $219 per square foot, or $98 per land square foot, is Staley Point's fourth investment in the Mid-Counties.
The state-of-the-art asset is 25-foot clear, temperature-controlled and 100% leased to Anheuser-Busch. The asset has best-in-class amenities including 16 dock-high positions, 2500 amps of power and 1.6-acre adjacent yard for trailer storage. In addition, the asset has an onsite fueling station, truck maintenance shop and standalone trucking office. The asset is ideal for a food & beverage user given the physical specs and proximity to significant demand drivers including Crypto.com Arena, Dodger Stadium, SoFi Stadium, as well as the bars and restaurants in downtown LA.
"We are pleased to close this acquisition in one of the strongest rent growth markets in the Country," said Eric Staley, Managing Director of Staley Point. "The combination of physical features, credit tenancy and central location make this a compelling addition to our growing West Coast portfolio. The Mid-Counties is highly sought after by last-mile tenants serving the more than 16 million people within 50 miles."
The acquisition was completed via a joint venture between Staley Point Capital and Bain Capital Real Estate. The vehicle has been an active acquiror of infill industrial properties near dense population centers across Southern California and the West Coast since launching in September 2020. Most recently, Staley Point purchased 18689 Arenth, a 97,000 square-foot warehouse located in City of Industry, CA for $22.0 million and 2425 Saybrook, a 42,000 square-foot warehouse location in Commerce, CA, for $12.95 million. Other acquisitions in the Santa Fe Springs area include 11804 Wakeman Street (55,000 square feet for $12.8 million), 10907 Painter Avenue (58,000 square feet for $14.3 million), and 13767 Freeway Drive (83,000 square feet).
Winston & Strawn, LLP served as legal counsel to Staley Point Capital for the transaction. Nublock Partners represented both the buyer and seller and JLL Capital Markets will arrange the loan financing.
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.
Mickey Mandelbaum, Prosek Partners
Aidan O'Connor, Prosek Partners
SOURCE Staley Point Capital
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