2700 California St.
Bain Capital’s Staley Point Capital and Bain Capital Real Estate have acquired commercial property in Torrance for $ 34.5 million.
The 135,000 square meter property is located at 2700 California St. It was formerly inhabited and owned by the auto parts designer and manufacturer Edelbrock.
The property has high headroom, six dock-high doors and 14 level doors.
The acquisition marks the joint venture’s first investment in the South Bay market and the sixth since it launched in September 2020.
“We are pleased to have completed our first transaction in South Bay,” said Kevin Staley, managing partner of Staley Point, in a statement. “As prices rise in and around Los Angeles County drives businesses to find lower-cost submarkets, Torrance’s retail facilities and proximity to the area’s beach towns are an attractive alternative destination.”
According to Jones Lang LaSalle Inc., the industrial market in South Bay recorded a vacancy rate of 2.2% in the first quarter compared to 2.4% in the previous year. The asking rent for real estate was $ 1.05 per square foot for the quarter, up 1 cent year over year.
The area is also sought after for its proximity to the ports of Los Angeles and Long Beach. The ports in the bay of San Pedro according to Staley Point Capital and Bain Capital, account for more than a third of the total US water trade.
“This transaction is in line with our focus on identifying infill projects with strong underlying fundamentals that are located near dense population centers,” said Andrew Terris, managing director of Bain Capital Real Estate, in a statement. “Together we strive to develop investment opportunities across the region that have the potential for redevelopment and repositioning to benefit from our unique operational and value creation capabilities.”
Other acquisitions by the Staley Point and Bain Capital Real Estate joint venture include 14 acres in the Inland Empire and assets in Orange County, Santa Fe Springs and the San Fernando Valley.
Greenberg Traurig acted as legal advisor to Staley Point Capital on the South Bay transaction. CBRE Group Inc. represented the seller on the transaction and JLL will arrange the loan financing for the property.
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