Santa Fe Springs industrial property acquired for $ 14 million
A joint venture between Sawtelle-based Staley Point Capital and Boston-based Bain Capital Real Estate purchased an industrial property in Santa Fe Springs for $ 14.3 million.
The 58,000 square foot site at 10907 Painter Ave. has eight loading positions at dock level and is located 20 miles from the Port of Long Beach.
“We are pleased to complete this transaction and expand our presence in the Santa Fe Springs community,” Eric Staley, General Manager of Staley Point, said in a statement.
“In this case, our ability to act quickly and provide certainty of execution differentiates us as a buyer and we continue to assess a constant flow of investment opportunities in Southern California,” he said. -he adds.
This is the third transaction completed by Staley Point and Bain Capital Real Estate.
The two companies had previously acquired an 83,000 square foot industrial property in Santa Fe Springs known as Freeway Drive and land in the San Fernando Valley.
The acquisition of Freeway Drive was announced in September, along with plans to invest in improving the property.
“Our approach to industrial investments is focused on creating value in properties that will benefit from sustainable trends and long-term demand drivers,” Andrew Terris, managing director of Bain Capital Real Estate, said in a statement.
“The experience and expertise that our partnership brings to these opportunities, coupled with Staley Point’s local relationships, has enabled us to effectively find and execute this exciting acquisition,” he added.
Greenberg Traurig acted as legal counsel to Staley Point Capital on the transaction. The Klabin Co. represented the buyer and the seller in the transaction. Jones Lang LaSalle Inc. will arrange debt financing for the acquisition.
Industrial real estate has been in high demand in Los Angeles. In the first quarter, 15.2 million square feet of industrial space was sold or leased in the county, up from 13 million square feet the year before, according to JLL data.
Rents asking for properties averaged 99 cents on a triple net basis in the first quarter, up 6 cents in a year.
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