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8/19/21
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Staley Point Capital paid $15 mil for a 58k sf ($259/sf) industrial property in the north Orange County city of Placentia. Built in 1988, the property is located at 888 W. Crowther Ave, adjacent to the 57 Fwy and north of the 91 Fwy.
The facility features 24' – 30' clear height with three dock-high loading areas and a yard that can service 53' trailers. It has four rail doors with direct access to the BNSF Railway, the largest freight railroad network in North America and a provider of three separate transcontinental routes.
Orange County accounts for approximately 10% of California's economy ($300 bil). Asking rents for building space exceeding 50k sf have increased 27% year-over-year, as the County maintains a low vacancy rate of 1.4%. In the last two years alone, more than 25 msf of industrial space has been renovated and repurposed for improved use, equating to almost 10% of the County's supply-constrained inventory. North Orange County is the largest submarket within Orange County with 104 msf and a vacancy rate of just 2.2%.
Staley Point Capital and Bain Capital Real Estate have a joint venture to invest in the Southern California infill industrial market. This is the joint venture's ninth infill industrial investment in Southern California since it launched in September 2020. Most recently, the joint venture purchased 20409 Prairie Street, a 42k sf industrial property in the San Fernando Valley and 11804 Wakeman Street, a 55k sf industrial property in Santa Fe Springs.
Greenberg Traurig LLP served as legal counsel to Staley Point Capital for the transaction. Garrett McClelland with represented the seller.
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