Staley Point Capital, Bain Capital JV acquire two infill assets in Southern California for $42m

Staley Point Capital and Bain Capital Real Estate announced the acquisition of two high-quality industrial assets in Orange County and North Los Angeles totaling 232,000 square feet. The properties were purchased for a total of $42.6 million, or $183 per square foot, which represents a significant discount to replacement cost.

The assets are located at 2335 Moore Ave., in Fullerton, Calif., and 21339 Nordhoff St. in Chatsworth. Moore totals 162,000 square feet in the West Fullerton submarket of Orange County, which has 2.1 percent vacancy rate and 0.6 percent under construction. The asset is fully leased to a food user that benefits from the existing temperature-controlled improvements, 26 dock-high loading positions and concrete truck court. Nordhoff totals 70,000 square feet and is located in the San Fernando Valley, which has a vacancy rate of 1.6 percent and limited construction totaling less than 1 percent of the industrial base. The facility is fully leased to a global