Staley Point Capital and Bain Capital Real Estate have successfully sold 18689 Arenth Ave., a newly renovated industrial property in City of Industry, for $38.4 million. The sale, which represents a 75% premium over the initial purchase price of $22 million two years ago, highlights the strong demand for high-quality warehouses in prime locations.
According to Eric Staley, managing partner at Staley Point Capital, this transaction is further proof of their successful approach to investing in industrial real estate. He also expressed their commitment to continue seeking out similar assets in supply-constrained markets on the West Coast alongside Bain Capital.
This marks the fourth successful exit from their curated portfolio of infill industrial properties across Southern California and other key regions such as Seattle and the Bay Area. In total, these exits have generated proceeds totaling $177 million over the past 18 months.
The recent sale included two additional properties -331 Cliffwood Park Street and 10907 Painter Avenue- which were sold together for a combined amount of $54 million.
Legal counsel was provided by Latham & Watkins LLP while JLL acted as financial advisor for this transaction involving Staley Point Capital’s divestment from Connect CRE’s curated portfolio.
