Staley Point and Bain Capital have expanded their industrial portfolio in Orange County, picking up two buildings in Buena Park.
The firms got a total of 166,000 square feet for $41 million, or around $247 per foot, Staley Point announced on Monday. JLL represented both the seller and the buyers on the deal for the adjacent properties at 5530 Beach Blvd and 5609 River Way.
Alticor, a private conglomerate owned by billionaire Richard DeVos, sold the properties, records show. The company will lease back the property for an undisclosed period of time.
The deal marks Staley Point and Bain’s fourth industrial investment in Orange County. In May of last year, the firms bought their first property in the area — a 100,000-square-foot property in Brea — for $21 million.
Staley Point bought the property based on “compelling credit income, close proximity to prime executive housing and significant supply constraints” in Orange County. Industrial vacancy rates across the county were around 2.3 percent in the fourth quarter of last year — marginally higher than Los Angeles and the Inland Empire, according to Newmark.
New construction in Orange County is also lagging — about 108,000 square feet of new space was delivered during the same period. About 3 million square feet is currently under construction.
It’s unclear whether Staley Point will renovate the property once Alticor exits its lease, like the firm is at its other properties.
Last week, Staley Point acquired two sites in the Inland Empire for redevelopment — seven acres of land in Corona for $24.6 million and four acres in Fontana for $12.3 million. The company is planning to build Class A industrial space on both sites.