Captain of Staley PointI acquired an industrial property near Los Angeles for $ 38.5 million as part of its aggressive focus on developing last mile locations in Southern California, Commercial Observer may first report.
The real estate investment company has bought 2187 Garfield Avenue, a 132,000 square foot cross-dock warehouse in Commerce, Calif., In a joint venture with Bain Capital Immobilier. Alperson Property Management previously owned the asset, according to property records.
Winston & Straw served as legal counsel to Staley Point Capital for the transaction and Kidder Mathews represented the seller.
JLL Capital Markets will arrange loan financing for the acquisition, according to Staley Point. JLL did not immediately respond to a request for details of the entire debt.
“Our latest acquisition is representative of our focus on high quality industrial infill properties in limited supply markets in Southern California,” said Staley Point, General Manager Eric Staley said in a statement. “We believe there is a strong demand from tenants for a well-located transshipment facility with a large yard and direct access to a high population density.”
Los Angeles-based Staley Point plans to renovate and convert the property on 2187 Garfield Avenue in a high speed, 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 in Southern California since its launch last year, most recently completing the purchase of 630, Batavia Street North, a three-acre redevelopment site in Orange, Calif., for $ 15.65 million in August.
Andrew Coen can be contacted at [email protected]