Staley Point Capital, 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 2700 California, a 135,000 square-foot industrial infill property in Torrance, California for $34.5 million. The transaction, which equates to $256 per square-foot, marks the joint venture’s first investment in the South Bay market.
“We are pleased to have completed our first transaction in the South Bay,” said Kevin Staley, managing partner of Staley Point. “As rising rates in and around Los Angeles County are prompting businesses to find more cost-effective sub-markets, Torrance’s retail amenities and proximity to the area’s Beach Cities make for an attractive alternative destination.”
“This transaction is consistent with our focus on identifying infill projects with strong underlying fundamentals that are situated near dense population centers,” said Andrew Terris, managing director at Bain Capital Real Estate. “Together, we are committed to unlocking investment opportunities across the region that have the redevelopment and repositioning potential to benefit from our unique operational and value creation capabilities.”
Greenberg Traurig LLP served as legal counsel to Staley Point Capital for the transaction. CBRE represented the seller, and JLL Capital Markets will arrange the loan financing.