Staley Point Capital Purchases LA-Area Warehouse Site for $39M
Staley Point Capital has acquired an industrial property near Los Angeles for $38.5 million as part of its aggressive focus on developing last-mile locations throughout Southern California, Commercial Observer can first report.
The real estate investment firm purchased 2187 Garfield Avenue, a 132,000 square-foot, cross-dock warehouse in Commerce, Calif., as part of a joint venture with Bain Capital Real Estate. Alperson Property Management previously owned the asset, according to property records.
Winston & Strawn served as legal counsel to Staley Point Capital for the transaction and Kidder Mathews represented the seller.
JLL (JLL) Capital Markets will be arranging loan financing for the acquisition, according to Staley Point. JLL did not immediately respond to a request for details on the debt package.
“Our latest acquisition is representative of our focus on high-quality, infill industrial properties in supply-constrained markets across Southern California,” Staley Point Managing Director Eric Staley said in a statement. “We believe that there is strong tenant demand for a well-located cross-dock facility with ample yard and direct access to significant population density.”
Los Angeles-based Staley Point is planning to renovate and convert the property on 2187 Garfield Avenue into a high-throughput, last-mile distribution center for a single tenant.
Staley Point’s partner in the project, Bain Capital Real Estate, has been an active acquirer of infill industrial properties across Southern California since launching last year, most recently closing on the purchase of 630 North Batavia Street, a three-acre redevelopment site in Orange, Calif., for $15.65 million in August.
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