Staley Point, Bain JV complete sale of two Southern California industrial properties for $54m
Staley Point Capital (Staley Point) and Bain Capital Real Estate (Bain Capital) announced the sale of two industrial real estate assets for $54 million, or $339 per square foot.
The Staley Point and Bain Capital joint venture originally acquired the properties at 331 Cliffwood Park St. (Cliffwood) and 10907 Painter Ave. (Painter), via separate transactions in 2021. Cliffwood is a fully leased, single-tenant warehouse in Brea that offers convenient access to the rest of the county via State Route 57. Painter is a newly renovated, multi-tenant logistics facility in Santa Fe Springs and just 20 miles from the Port of Long Beach. Together, Cliffwood and Painter comprise 160,000 square feet.
“This transaction demonstrates the significant demand for high-quality warehouses in infill locations, as well as the successful execution of our value-add program, which often includes capital improvements to enhance appeal to both tenants and owners,” said Eric Stale