Sawtelle-based Staley Point Capital and Boston-based Bain Capital Real Estate have acquired an industrial asset in Commerce for $38.5 million.
The 132,000-square-foot property is at 2187 Garfield Ave.
The facility is a cross-dock warehouse, which allow materials to be unloaded from one truck directly into another with little to no storage time in between.
"Our latest acquisition is representative of our focus on high-quality, infill industrial properties in supply-constrained markets across Southern California," Eric Staley, managing director of Staley Point, said in a statement. "We believe that there is strong tenant demand for a well-located cross-dock facility with ample yard and direct access to significant population density."
Staley Point plans to turn the property into a last-mile distribution center for a single tenant.
Winston & Strawn was legal counsel for Staley Point Capital in the transaction. Kidder Mathews represented the undisclosed seller and Jones Lang LaSalle Inc. will arrange loan financing for the site.
The property is in a tight industrial central submarket. In the second quarter, the area saw a vacancy rate of 2.7%, down from 4.5% the year prior, according to data from JLL.
The area saw 4.2 million square feet of industrial product sold or leased, up from 1.4 million square feet the year prior. There was no new industrial product under construction in the area during the quarter.
Asking rents for industrial real estate in the submarket was $1.04 on a triple net basis in the second quarter, up 4 cents in a year.
Staley Point Capital and Bain Capital have partnered together on other properties in L.A. Earlier this year, the two purchased an industrial property in Santa Fe Springs for $14.3 million. The property is a 58,000-square-foot site at 10907 Painter Ave. with eight dock-high loading positions.
The two also purchased an 83,000-square-foot industrial property in Santa Fe Springs known as Freeway Drive.
They also bought a land site in the San Fernando Valley.
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