THE ANGEL, October 11, 2021 / PRNewswire / – Staley Point Capital (“Staley Point“), a value-add investor focused on infill industrial real estate, today announced the acquisition of 2424 8th Ave S. (8th Ave.), a 90,000 square foot warehouse in the South of Downtown (” SODO “) neighborhood of, known Seattle, WA, for $ 31.6 million, or $ 351 per square foot.
SODO is the closest industrial bag to the port of Seattle, the city’s central business district, and the high population density in the Seattle and Bellevue Neighborhoods. The fully rented property has 42 dock-high doors ideal for last-mile tenants with high throughput. 8th Ave. is also within 10 miles of the region’s major distribution centers, including SeaTac International Airport and BNSF and Union Pacific Railway Stations.
“The 8th Ave. is a highly functional advantage in a sub-market with declining industrial supply and more than 500,000 people within 5 miles, ”said Eric Staley, Managing Director of Staley Point. “We secured the transaction by offering the seller speed and security. We appreciate the opportunity to be present in the Seattle Market.”
Seattle has benefited from the growth of several leading technology companies, including Amazon, Apple, Facebook and Google. The city’s ports are the fourth largest in the US by volume and performed well in the first half of 2021. These growth drivers, in combination with a shrinking supply of industry, have contributed to strong demand for industrial tenants in the SODO area.
“Seattle is a market with strong conviction in our industrial strategy due to its strong growth fundamentals and we look forward to implementing our value-adding investment approach to further improve this high quality property, “said Andrew Terris, Managing Director at Bain Capital Real Estate.” We look forward to this further growth of our partnership with Staley Point and thoughtful expansion of our portfolio in Greater Seattle Area over time. “
The private purchase was completed through a joint venture between Staley Point Capital and Bain Capital Real Estate. The partnership has been an active purchaser of industrial property on the west coast since its inception September 2020. Last, Staley Point and Bain Capital Real Estate have completed the acquisition of 2187 Garfield Avenue, a 132,000 square foot warehouse in in Handel, California, to the $ 38.5 million.
Winston & Strawn, LLP acted as legal advisor to Staley Point Capital on the transaction. Newmark represented the seller and JLL Capital Markets will arrange the loan financing.
About Staley Point Capital
Staley Point Capital is a Los Angeles-based real estate investment firm. Founded in 2019 by Kevin Staley, the company is primarily focused on acquiring value-adding and opportunistic industrial real estate investments on the West Coast. The Citadel have made notable historical investments in the city Trading city, Magellan Gateway in El Monte and Magellan Storage, a self-storage portfolio. To learn more, visit www.staleypoint.com.
About Bain Capital
Founded in 2018, Bain Capital Real Estate (www.baincapital.com/businesses/real-estate) pursues investments in often hard-to-reach sectors supported by persistent secular trends that drive long-term growth in demand for real estate assets and services. The Bain Capital Real Estate team has been implementing its strategy since 2010 (formerly part of Harvard Management Company) and has more than $ 5.2 Billions of equity in more than 475 assets across multiple sectors. Bain Capital Real Estate is focused on small to medium-sized assets where the team uses its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy is aligned with the value-adding investment approach that Bain Capital has developed, leveraging the company’s global platform and extensive experience across all asset classes to further strengthen its insights and sourcing capabilities.
contacts
Mickey almond tree, Prosek partner
(310) 709-8900
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Aidan O’Connor, Prosek partner
(646) 818-9283
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SOURCE Staley Point Capital
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