Staley Point Capital and Bain Capital Real Estate, the real estate investment businesses of Bain Capital, have expanded their joint venture by purchasing two industrial properties in Orange County and North Los Angeles. The combined 232,000 square feet of space was acquired for a total price of $42.6 million (equivalent to $183 per square foot), which is significantly lower than the cost to replace these assets.
The two properties are located at 2335 Moore Ave in Fullerton and 21339 Nordhoff St in Chatsworth. Moore Ave has a total area of 162,000 square feet and is situated in the West Fullerton submarket within Orange County. It is currently fully leased to a food-related tenant.
Nordhoff St spans over an area of 70,000 square feet and can be found in San Fernando Valley. This facility also boasts full occupancy with a global credit tenant as its lessee.
Eric Staley, managing partner at Staley Point stated that these recent acquisitions demonstrate their dedication towards investing in strategically-located industrial assets that benefit from strong demographic trends while having established tenants already occupying them.” He further added that both properties align with their infill investment strategy as they offer great value within highly supply-constrained submarkets where long-term demand fundamentals remain robust.
