Staley Point Capital and Bain Capital Real Estate announced the acquisition of a 78,000-square-foot industrial asset in San Diego County, Calif., for approximately $20 million.
Located at 13450 Stowe Dr. in Poway, Calif., the asset features 24-foot clear height, strong dock-high loading, a large truck court and 3,200 amps of power. The property is currently 100 percent leased to a long-standing global credit tenant and was acquired at $251 per square foot, which is a significant discount to physical replacement cost.
"The closing of this transaction is a continuation of our infill industrial strategy focused on quality assets in dense, supply-constrained markets," said Eric Staley, managing partner at Staley Point. "The asset is leased to an investment-grade tenant in a high-demand submarket with significant defense, healthcare and nearshoring activity."
The property benefits from its location on the Interstate 15 corridor, which connects Mexico to Los Angeles a
