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4/01/22
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Staley Point Capital and Bain Capital Real Estate have partnered in the acquisition of two SoCal industrial properties totaling about 315k sf of space. The purchases, in Santa Fe Springs and Buena Park, were financed with $70.3 mil in short-term first mortgage debt provided by Mesa West Capital.
The separate interest-only, floating rate loans each carry a five year-term. JLL’s Bill Fishel and Senior Director David Pelaia arranged the financings.
In Santa Fe Springs, the Staley Point Capital / Bain Capital venture bought a 160k sf warehouse facility located at 12065 Pike St, southeast of downtown Los Angeles. Fully leased to Anheuser-Busch, the property is situated on 8.2 acres, less than four miles from the Interstate 5 and 605 interchange.
The deal was financed with a loan for $37.87 mil. A portion of the loan proceeds will be used by the sponsor to complete a series of capital improvements including a roof overlay, seismic retrofit, office refresh and façade upgrade.
The other purchase was for a 154.5k sf, two-building industrial complex at 5530 W. Beach Blvd and 5609 River Way in North Orange County. Structured as a sale/leaseback transaction with the seller, Amway, the property will continue to be occupied by its subsidiary Nutrilite. The deal was financed with a loan from Mesa West for $32.4 mil.
“Both properties are located in strong Southern California industrial submarkets offering significant supply chain and logistical advantages, including direct access to multiple interstates connecting to the second most populous metro in the country,” said Executive Director Josh Westerberg who led the origination team out of Mesa West Capital’s San Francisco office.
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