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The warehouse at 10907 Painter Ave., one of the assets that traded for $339 per square foot. Image courtesy of CommercialEdge
Staley Point Capital, in a joint venture with Bain Capital Real Estate, has sold two Southern California industrial properties totaling 160,000 square feet for $54 million, or $339 per square foot. The buyer was Walton Street Capital, according to CommercialEdge data.
Latham & Watkins provided legal counseling services for the seller. Eastdil Secured acted as financial advisor and The Klabin Co. provided local market expertise.
The same source reveals that the two industrial properties previously changed hands in separate transactions in 2021, for a combined $35.2 million.
One of the assets came online in 1977 at 333 Cliffwood Park St. in Brea, Calif., while the other is a 1993-built warehouse at 10907 Painter Ave. in Santa Fe Springs, Calif. The properties have 24- and 22-foot clear heights, sky lights, ESFR sprinkler systems, exhaust fans, office build-out components, truck courts and ample parking space.
The Brea property was fully occupied by Corporate eWaste Solutions at the time of sale. The recently renovated Santa Fe Springs facility has several tenants on its roster, one of them being Concord USA Corp., CommercialEdge data shows.
The two warehouses are less than 11 miles from one another. The Brea industrial asset is in Orange County, close to U.S. highways 57 and 90, within 9 miles of Anaheim, Calif; the Santa Fe Springs building is close to interstates 5 and 605 in Los Angeles County, some 22 miles from The Port of Long Beach.
SoCal recent industrial transactions
Despite the economic slowdown and investment decreases across all commercial property types, the appetite for industrial assets is still strong, a recent CommercialEdge report shows. Western markets led the nation in the first half of 2023, with investments totaling $6.52 billion as of June. Orange County saw $301 million in traded industrial assets, while Los Angeles scored one of the largest sales volumes in the region, with $1.20 billion.
Recent notable transactions in the area include Rexford Industrial’s $210 million purchase in Santa Fe Springs. The 595,304-square-foot, fully occupied industrial facility is less than 2 miles from the Painter Avenue warehouse.
In April, a 851,131-square-foot industrial portfolio comprising Orange County and Los Angeles County assets changed hands for $263 million. A joint venture of three companies picked up the properties.
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