JV of Staley Point, Bain Enters San Diego Market

A joint venture of Staley Point Capital and Bain Capital Real Estate acquired two industrial properties in Vista, a submarket of North County San Diego. The two adjacent properties, 2325 Cousteau (pictured) and 2210 Oak Ridge, were acquired for a total of approximately $25 million and mark the JV’s entrance into the San Diego market.

Totaling more than 111,500 square feet, both properties are 100% leased to a longstanding global credit tenant. The properties were acquired for $220 per square foot, representing a significant discount to replacement cost.

“As a supply-constrained market, with just 1% of annual new supply in the last 20 years and no construction underway, there is significant demand for well-located and well-maintained industrial product in North County,” said Eric Staley, managing partner of Staley Point.

The submarket has experienced an 8% 10-year compound annual growth rate and 10% year-over-year growth between the fourth quarter of 2022 and Q4 2023, according to JLL research.

Be there in person for the 8th Annual Connect Los Angeles 2024, May 1 at the Intercontinental Los Angeles Downtown. Industry leading experts will share insights and forecasts on today’s CRE markets.