Sale marks the joint venture’s fifth disposition in 24 months for combined amount of $231 million
Buena Park, CA – July 29, 2024 – Staley Point Capital (“Staley Point”) and Bain Capital Real Estate (“Bain Capital”) today announced the $53.3 million sale of two assets totaling 183,000 square feet on 9.2 acres located at 5530 Beach Blvd. and 5609 River Way in Buena Park, CA. The assets were acquired in March of 2022 for $41 million and the sale represents the joint venture's fifth disposition over the past 24 months for a combined aggregate amount of $231 million.
The two assets were sold to a consumer products business that will benefit from the properties' frontage on Beach Blvd. and the proximity to local consumers, amenities and major freeways. Buena Park is a highly sought after submarket at the intersection of Los Angeles and Orange County, two of the most supply-constrained markets in the country.
"This transaction demonstrates the success of well-located, high-quality assets and reflects our ability to deliver for our investors across cycles," said Eric Staley, Managing Partner, Staley Point. "Orange County remains one of the tightest industrial markets in the country as a result of a structural supply-demand imbalance and we will continue to seek out attractive acquisition opportunities as part of our infill industrial strategy."
Orange County has minimal new supply, with only 2.1% industrial vacancy driven by diverse demand drivers including strong local consumption. The market is further supported by the Ports of Los Angeles and Long Beach which have experienced double-digit year-over-year import growth in nine of the last ten months.
"This sale reflects the continued progress of our collaborative partnership with Staley Point and underscores the successful execution of our thematic industrial strategy," said Andrew Terris, a Partner at Bain Capital. "Southern California remains a high conviction market and we look forward to capitalizing on continued opportunities in the region that align with our value-added and target investment approach."
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About Staley Point Capital
Staley Point Capital is a Los Angeles-based real estate investment firm. The firm was founded in 2019 by Kevin Staley and focuses on the acquisition of value-add and opportunistic real estate investments primarily in the industrial sector. The current portfolio is diversified across the Southern California, Seattle and the San Francisco Bay Area. To find out more, visit www.staleypoint.com.
About Bain Capital Real Estate
Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to- access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested and committed over $8.3 billion of equity across multiple sectors. Bain Capital Real Estate focuses on assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate's strategy aligns with the value-added investment approach that Bain Capital pioneered and leverage's the firm's global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. Bain Capital is one of the world's leading private investment firms with approximately $185 billion of assets under management. For more information, visit https://www.baincapitalrealestate.com.
Media Contacts
For Staley Point CapitalMorgan McGinnis, Prosek Partners mmcginnis@prosek.com
For Bain Capital Real Estate Scott LessneStanton(646) 502-3569 slessne@stantonprm.com
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