Staley Point, Bain Capital Buy 2 SoCal Assets
The industrial properties total 232,000 square feet.
![The facility at 2325 Moore Ave. in Fullerton, Calif.](https://www.commercialsearch.com/news/wp-content/uploads/sites/46/2024/08/2325-Moore-Avenue.jpg)
A joint venture of Staley Point Capital and Bain Capital Real Estate has acquired two industrial properties for a combined $42.6 million. It acquired a 162,000-square-foot facility in Fullerton, Calif., and a 70,000-square-foot warehouse in Chatsworth, Calif.
Van Law Food Products sold the Fullerton asset for $30.1 million, according to CommercialEdge information. Siegel & Associates sold the facility in Chatsworth.
The news comes on the heels of the duo’s disposition of two Orange County assets for $53.3 million last month.
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The Fullerton facility features 26 dock-high loading doors and concrete truck courts, as well as temperature-controlled improvements. It is fully leased to the previous owner. Completed in two phases in 1958 and 2007, the warehouse is at 2335 Moore Ave., close to the Fullerton Municipal Airport and 7 miles from downtown Anaheim.
The other building came online in 1988 and is a manufacturing facility fully leased to Moog, an aerospace and defense company, according to CommercialEdge. The property is at 21339 Nordhoff St., some 28 miles from downtown Los Angeles and 30 miles from Los Angeles International Airport.
This deal marked the joint venture’s fifth purchase year-to-date, bringing the total to $87 million in acquisitions, all in West Coast infill industrial assets.
Two high-performing markets
Los Angeles and Orange County were among the best performing markets across the U.S., especially in terms of industrial investment volume. Los Angeles assets traded for $311 per square foot on average this year through June, with volume totaling nearly $1.6 billion, the latest CommercialEdge industrial report shows. Orange County had $651 million in deals, with assets changing hands for $340 per square foot on average.
In March, Blackstone Real Estate sold a 3 million-square-foot industrial portfolio for $1 billion or $332 per square foot. Rexford Industrial Realty purchased the 48 properties in separate transactions, which included sellers Blackstone Property Partners, as well as Blackstone Real Estate Partners and Blackstone Real Estate Income Trust.
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