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 off-market acquisition of a 100,000 square-foot industrial property in Brea, California for approximately $21 million.
“Given the supply barriers to entry and the strong demographics, we hope that this is the first of several transactions in Orange County,” said Eric Staley, managing director of Staley Point. “We were able to distinguish ourselves as a buyer by delivering closing certainty under an expedited timeline.”
The transaction marks the fourth deal completed by Staley Point and Bain Capital Real Estate.
“This acquisition reflects both the continued progress of our partnership and focus on investing locally in industrial assets with strong underlying growth fundamentals,” said Andrew Terris, a managing director at Bain Capital Real Estate. “We identified North County as an attractive and high-performing submarket and look forward to capitalizing on additional opportunities in the region that align with our thematic and valueadded investment approach.”
Staley Point Capital and Bain Capital Real Estate have a joint venture that is undertaking repositioning and redevelopment projects of existing infill industrial properties near dense population centers, primarily in Southern California.
Greenberg Traurig LLP served as legal counsel to Staley Point Capital for the transaction. Pacific Partners represented both the buyer and seller and JLL Capital Markets will arrange the loan financing.