Staley Point Capital Acquires Sylmar Industrial Property for $24 Million

Purchase of 12450 Foothill Blvd. marks Staley Point Capital's third acquisition in Northern Los Angeles metropolitan area

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Staley Point Capital

Dec 09, 2021, 15:42 ET

LOS ANGELES, Dec. 9, 2021 /PRNewswire/ -- Staley Point Capital ("Staley Point"), a value-add investor focused on industrial properties in Southern California, today announced the acquisition of 12450 Foothill Blvd., a 103,000 square-foot industrial property in the Northern Los Angeles market, for $24 million ($234 per square foot). This transaction marks Staley Point's third investment in the North Los Angeles market since September 2020.

The institutional-quality, 24-foot clear height building is fully leased to Vision Scenery Corporation, one of the largest set design shops in Los Angeles. The property is in a prime location at the intersection of I-210 (towards San Gabriel Valley and the Inland Empire) and Highway 118 (through Los Angeles County into Ventura County). The asset's proximity to the I-5 provides added connectivity to Central LA and Orange County.

"The San Fernando Valley is one of the most supply constrained submarkets in the Los Angeles Basin," said Eric Staley, Managing Director of Staley Point. "With no supply and strong tenant demand, including from the studio and content creation sectors, we are enthusiastic about closing the Foothill acquisition and expect to invest further in the region in 2022."

In line with the current tenant's business model, 12450 Foothill Blvd. is currently ideally configured for design and set construction for TV commercials, trade show booths, movies, and print work. Its attractive location within "The Studio Zone" – a 30-mile (48km) radius in which production studios can operate at lower labor costs – ensures long-term, robust demand from the studio and content creation sectors. The property also benefits from the San Fernando Valley's high population density: at 1.75 million people, SFV is the fifth most populous region in the United States.

The acquisition was completed via a joint venture between Staley Point Capital and Bain Capital Real Estate. The vehicle has been an active acquiror of infill industrial properties on the West Coast since launching in September 2020. Most recently, Staley Point closed on the purchase of a 90,000 square-foot warehouse in Seattle's South of Downtown ("SODO") neighborhood for $31.6 million, as well as 2187 Garfield Avenue, a 132,000 square-foot warehouse in Commerce, CA, for $38.5 million.

Winston & Strawn, LLP served as legal counsel to Staley Point Capital for the transaction. Delphi Business Properties represented both the buyer and 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