Staley Point, Bain Capital Divest Industrial at 75% Premium

Staley Point Capital, a value-add investor focused on industrial properties in Southern California, and Bain Capital Real Estate completed the sale of 18689 Arenth Ave., a newly renovated, 91,000-square-foot industrial asset in City of Industry, for $38.4 million, or $421 per square foot. The sale represents a 75% premium over the $22 million the Staley Point-Bain Capital joint venture paid two years ago.

“The Arenth sale demonstrates the significant continued demand for high-quality, warehouses in infill locations and is further validation of our approach to the industrial real estate market,” said Eric Staley, managing partner of Staley Point. “Along with Bain Capital, we remain firmly committed to this value-add strategy and continue to seek out similar assets in supply constrained markets across the West Coast.”

Staley Point and Bain Capital have completed four exits from the firms’ curated portfolio of infill industrial properties across Southern California, Seattle and the Bay Area, with cumulative sales over the past 18 months totaling $177 million in proceeds. Most recently, the JV sold two industrial real estate assets, 331 Cliffwood Park Street and 10907 Painter Avenue, for a combined $54 million.

Latham & Watkins LLP served as legal counsel to Staley Point Capital and JLL acted as the financial advisor for the 18689 Arenth transaction.