– Staley Point Capital (“Staley Point“), a value-add investor focused on industrial properties in Southern California, and Bain Capital Real Estate, the real estate investing business of Bain Capital, today announced the acquisition of 11804 Wakeman Street, a 55,000 square-foot industrial infill property in Santa Fe Springs, California, for $12.8 million. The transaction, which represents a purchase price of $233 per square-foot, is the joint venture’s third investment in the local Santa Fe Springs area.
The property, which was formerly owned and occupied by Astro Paper, a family-owned distributor of fine papers and envelopes, underwent a comprehensive renovation earlier this year. Refurbishments included a new roof, 3,500 square feet of renovated office, and professional landscaping. The property also offers four dock-high positions, 23′-27′ clear height, five grade-level doors, and 24,000 square-feet of secured yard space for vehicle and product storage.
“We are pleased to complete this purchase, which furthers our presence in one of the largest submarkets in Los Angeles County,” said Eric Staley, Managing Director of Staley Point. “We are excited about the prospects of this asset given the recent renovation, secure yard and limited market vacancy.”
Vacancy in the Santa Fe Springs submarket is only 0.6% due to the growing appeal of the supply-constrained Mid-Counties market for industrial tenants. 11804 Wakeman Street has direct access to the rest of Los Angeles County via the I-5 and I-605 freeways and is close to major logistics centers including Long Beach Airport (8 miles), Los Angeles International Airport – LAX (25 miles), as well as the Ports of Los Angeles and Long Beach (20 miles). These ports, when combined, rank ninth in the top-ten ports worldwide, both by dollar volume and the tonnage of goods distributed. Regional port activity in May 2021 saw a 74% increase from the previous year, the highest annual gain on-record, as the economy continues to recover from the global pandemic.
11804 Wakeman Street is the joint venture’s seventh acquisition since launching in September 2020. Most recently, Staley Point and Bain Capital Real Estate purchased 2700 California, a 135,000 square-foot industrial infill property in Torrance, California for $34.5 million. The joint venture has acquired other industrial assets across Orange County, Santa Fe Springs, and the San Fernando Valley.
Greenberg Traurig, LLP served as legal counsel to Staley Point Capital for the transaction. DAUM Commercial represented the seller and JLL Capital Markets will arrange the loan financing.
About Staley Point Capital
Staley Point Capital is a Los Angeles-based real estate investment firm. The firm was founded in 2019 by Kevin Staley and focuses on the acquisition of value-add and opportunistic real estate investments primarily in the industrial sector. Notable Southern California investments have included The Citadel in the City of Commerce, Magellan Gateway in El Monte and a self-storage portfolio, Magellan Storage. To find out more, visit www.staleypoint.com.
About Bain Capital Real Estate
Bain Capital Real Estate (www.baincapital.com/businesses/real-estate) was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested and committed more than $5.2 billion of equity in more than 470 assets across multiple sectors. Bain Capital Real Estate focuses on small to mid-sized assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities.
Mickey Mandelbaum, Prosek Partners
Aidan O’Connor, Prosek Partners