Staley Point Capital and Bain Capital Real Estate closed on another industrial property in Los Angeles.
The joint venture paid $38.5 million for a 132,000-square-foot warehouse at 2187 Garfield Avenue in Commerce, according to the Los Angeles Business Journal.
The duo plans to convert the property into a last-mile distribution center for a single tenant, capitalizing on strong demand for that asset.
The second quarter was one of the busiest ever in terms of industrial leasing in L.A., thanks in large part to demand for logistics and distribution space. Around 9.8 million square feet was leased between April and June.
The Staley-Bain JV has purchased a handful of properties this year, including a 135,000-square-foot industrial complex in Torrance, two complexes in Santa Fe Springs, and land in the San Fernando Valley. The Torrance property was the JV’s first acquisition in the highly competitive South Bay.
Staley is a new venture started in 2020 by Magellan Group co-founder Kevin Staley and son Eric Staley, formerly of Blackstone Group.
The firm is working on a handful of development projects in the L.A. area, including a self-storage project in South L.A.
Bain is partnering with Bardas Investment Group on a $450 million production studio and office development slated for a shuttered Sears store in Hollywood. The project was announced earlier this year.
[LABJ] — Dennis Lynch