Staley Point Capital Acquires Chatsworth Industrial Property for $9 Million

Transaction marks joint venture's second investment in the San Fernando Valley, and eighth acquisition overall since launching in September 2020

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Staley Point Capital

Jul 22, 2021, 11:15 ET

LOS ANGELES, July 22, 2021 /PRNewswire/ -- Staley Point Capital ("Staley Point"), a value-add investor focused on industrial properties in Southern California, today announced the acquisition of Prairie, a 42,000 square-foot, fully leased, infill industrial property in the West San Fernando Valley submarket of North LA, for $9 million ($214 per square foot). This transaction is the joint venture's second investment in the San Fernando Valley.

The property is 100% leased to Roberts Tool Company, a privately held company with 50 years of operating history in precision aerospace manufacturing. The institutional-quality building has 20-foot clear height with two dock-high loading docks and more than 2,200 amps of power. The asset has a prime location in the heart of the Chatsworth industrial corridor with direct access to the dense neighborhoods of the San Fernando Valley with 1.3 million people within 10 miles.

"We are excited to make our second acquisition in the Valley and add Prairie to the joint venture's growing portfolio of infill properties," said Eric Staley, Managing Director of Staley Point. "We look forward to evaluating additional investments in the region given the limited vacancy and supply."

West San Fernando Valley currently has a 0.6% vacancy rate for infill industrial properties, with no new construction projects scheduled. Given the supply constraints, North LA industrial has experienced 6.7% market rent CAGR since 2015 and 8.2% growth over the last six months.

Staley Point Capital and Bain Capital Real Estate have a joint venture to invest in the Southern California infill industrial market. Prairie is the joint venture's eighth acquisition since launching in September 2020. Most recently, the joint venture purchased 11804 Wakeman Street, a 55,000 square-foot industrial infill property in Santa Fe Springs for $12.8 million.

Greenberg Traurig, LLP served as legal counsel to Staley Point Capital for the transaction. Nublock Partners 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. 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. Notable Southern California investments have included The Citadel in the City of Commerce, Magellan Gateway in El Monte and a self-storage portfolio, Magellan Storage. To find out more, visit www.staleypoint.com.

Contacts

Mickey Mandelbaum, Prosek Partners
(310) 709-8900
[email protected]

Aidan O'Connor, Prosek Partners
(646) 818-9283
[email protected]

SOURCE Staley Point Capital