Staley Point, Bain Capital Acquire US$20 Million Property

Staley Point Capital and Bain Capital announced the expansion of the San Diego Portfolio with a US$20 million acquisition of industrial property in Poway, California. This acquisition underscores their strategic commitment to infill industrial properties across the US West Coast.

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

This acquisition marks the third joint venture transaction between Staley Point Capital and Bain Capital in the San Diego market, following their recent acquisitions in Vista earlier this year. The property spans 78,000ft2 (7,246m2) and was secured for approximately US$20 million, reflecting a compelling investment opportunity at US$251 per ft2, well below replacement cost, say both companies. It boasts key features such as a 24ft (7.3m) clear height, robust dock high loading facilities, expansive truck courts, and substantial power capacity of 3,200amps. 

The facility is fully leased to a globally recognized credit tenant, the asset enjoys stability and income security within a high-demand submarket.

"We are pleased to continue to increase our exposure to the last-mile industrial sector in an attractive market with strong, long-term fundamentals," says Andrew Terris, Partner, 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," he adds.

Strategically positioned along the I-15 Corridor, a vital artery linking Mexico to Los Angeles and the Inland Empire through San Diego, the property has connectivity and accessibility. According to JLL, the area boasts a mere 2.4% vacancy rate as of 1Q24 and has witnessed impressive annual rent growth of 6% over the past decade, underscoring its status as one of San Diego's top-performing submarkets.