Staley Point, Bain Capital Take South Bay Industrial Site in LA for $35M
Acquisition marks JV's first South Bay investment
By Greg Cornfield July 1, 2021 11:30 am
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Bain Capital Real Estate is back in Southern California with Staley Point Capital for a $34.5 million acquisition of an industrial site in Los Angeles County’s South Bay.
The 135,000-square-foot property at 2700 California Street in Torrance, Calif., was last occupied by Edelbrock, a specialty auto parts manufacturer. The transaction, at roughly $256 per square foot, is the JV’s first South Bay investment.
The region has grown into a leading West Coast market for distributors and cargo-centered tenants. The Torrance property is both 15 minutes from LAX, and 20 minutes from the ports of Los Angeles and Long Beach.
“As rising rates in and around L.A. County are prompting businesses to find more cost-effective submarkets, Torrance’s retail amenities and proximity to the area’s beach cities make for an attractive alternative destination,” Kevin Staley, managing partner of Staley Point, said in a statement.
The JV has now completed six acquisitions since launching in September 2020. Most recently, the two firms purchased a 14-acre site in the Inland Empire, following other transactions in Orange County as well as L.A. County’s Santa Fe Springs and San Fernando Valley.
Bain Capital specifically made headlines in May when it joined BARDAS Investment Group with plans to build a $450 million soundstage project in Hollywood, which will feature five stages; 350,000 square feet of creative space; and a 90,000-square-foot “creative village” of high-end bungalows.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
