Staley Point and Bain Capital Expand San Diego Portfolio with $20 Million Acquisition of Industrial Property

Transaction marks the joint venture's third acquisition in the San Diego market

SAN DIEGO, June 18, 2024 /PRNewswire/ -- Staley Point Capital ("Staley Point"), a value-add investor focused on industrial properties across the West Coast, and Bain Capital Real Estate ("Bain Capital"), the real estate investing business of Bain Capital, today announced the acquisition of a 78,000 square foot industrial asset in San Diego County, California for approximately $20 million. The purchase represents Staley Point and Bain Capital's third acquisition in the San Diego market as their joint venture continues to actively acquire infill industrial properties throughout the West Coast.

Located at 13450 Stowe Dr. in Poway, California, the asset features 24-foot clear height, strong dock high loading, a large truck court and 3,200 amps of power. The property is currently 100% leased to a long-standing global credit tenant and was acquired at $251 per square foot which is a significant discount to physical replacement cost.

"The closing of this transaction is a continuation of our infill industrial strategy focused on quality assets in dense, supply constrained markets," said Eric Staley, Managing Partner of Staley Point. "The asset is leased to an investment grade tenant in a high demand submarket with significant defense, healthcare and nearshoring activity."

The property benefits from its prime location on the I-15 Corridor, which connects Mexico to Los Angeles and the Inland Empire through San Diego. The area is one of the best performing submarkets in San Diego with only 2.4% vacancy as of Q1 2024 and 6% rent growth per annum over the last 10 years, according to JLL.

"We are pleased to continue to increase our exposure to the last-mile industrial sector in an attractive market with strong, long-term fundamentals," said Andrew Terris, a Partner at Bain Capital. "This is a high-quality asset that is complementary to our West Coast industrial portfolio and we look forward to pursuing additional investments in the region with the Staley Point team."

The acquisition of 13450 Stowe Dr. follows Staley Point and Bain Capital's acquisition of two industrial properties located in Vista, a submarket of North San Diego, in April 2024.

About Staley Point Capital
Staley Point Capital is a Los Angeles-based real estate investment firm. The firm was founded in 2019 by Kevin Staley and focuses on the acquisition of value-add and opportunistic real estate investments primarily in the industrial sector. The current portfolio is diversified across the Southern California, Seattle and the San Francisco Bay Area. To find out more, visit www.staleypoint.com.

About Bain Capital Real Estate
Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested and committed over $7.7 billion of equity across multiple sectors. Bain Capital Real Estate focuses on assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate's strategy aligns with the value-added investment approach that Bain Capital pioneered and leverage's the firm's global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. Bain Capital is one of the world's leading private investment firms with approximately $185 billion of assets under management. For more information, visit https://www.baincapitalrealestate.com.

Media Contacts

For Staley Point Capital
Morgan McGinnis, Prosek Partners
[email protected]

For Bain Capital Real Estate
Scott Lessne
Stanton
(646) 502-3569
[email protected]

SOURCE Staley Point Capital