A joint venture of Sawtelle-based Staley Point Capital and Boston-based Bain Capital Real Estate has purchased an industrial property in Santa Fe Springs for $14.3 million.
The 58,000-square-foot site at 10907 Painter Ave. has eight dock-high loading positions 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, managing director of Staley Point, said in a statement.
“In this case, our ability to move quickly and provide certainty of execution differentiated us as a buyer and we are continuing to evaluate a steady flow of investment opportunities across Southern California,” he added.
It is the third deal 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 a land site in the San Fernando Valley.
The Freeway Drive acquisition was announced in September, along with plans to invest in improving the property.
“Our approach to industrial investments is centered on unlocking value in properties that will benefit from enduring trends and long-term demand drivers,” Andrew Terris, a managing director at Bain Capital Real Estate, said in a statement.
“The experience and expertise our partnership brings to these opportunities, coupled with Staley Point’s local relationships, enabled us to source and effectively execute this attractive acquisition,” he added.
Greenberg Traurig served as legal counsel to Staley Point Capital for the transaction. The Klabin Co. represented the buyer and seller in the transaction. Jones Lang LaSalle Inc. will arrange loan 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 sold or leased in the county, compared with 13 million square feet the year prior, according to data from JLL.
Asking rents for properties averaged 99 cents on a triple net basis during the first quarter, up 6 cents in a year.