Staley Point JV Buys 2 Orange County Industrial Assets for $41M
As part of the sale-leaseback deal, the seller will continue to occupy the property.
5530 Beach Blvd.
A joint venture between Staley Point and Bain Capital Real Estate has acquired 5530 Beach and 5609 River, two industrial buildings totaling 166,066 square feet on 9.2 acres in Buena Park, Calif., for a combined total of $41 million, in an off-market transaction.
Mesa West Capital provided a $32.4 million acquisition loan, according to public records. JLL arranged the loan on behalf of the buyer while also representing the seller, Alticor, in the transaction. Winston & Strawn was the buyer’s legal counsel. The properties have been leased back to the seller.
Asset details
Built in 1988, the property at 5609 River Way is LEED Silver certified and features a total of 597 parking spaces, with a parking ratio of 1.2 spaces per 1,000 square feet, according to CommercialEdge data.
Located at 5530 Beach Blvd., the second property offers 32,487 square feet of office space, used as a general office by Alticor. A total of 140 grade-level parking spaces, accounting for 4.3 spaces per 1,000 square feet, are also available, according to CommercialEdge data.
This is Staley Point’s fourth Orange County investment in the past year. In January, the joint venture also acquired a 159,962-square-foot industrial facility in Santa Fe Springs, Calif., for $35 million and a 97,000-square-foot distribution center in the City of Industry, Calif., for $22 million.
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