Staley Point Capital and Bain Capital picked up 135,000-square-foot industrial property in Torrance for $34.5 million amid continued strong demand for warehouse space.
The property at 2700 California Street was formerly the headquarters of performance auto parts mainstay Edelbrock, according to the Los Angeles Business Journal.
Bain Capital invested through its Bain Capital Real Estate wing. It’s Bain and Staley Point’s first acquisition in the South Bay and its sixth as a JV.
They also own a 14-acre property in the Inland Empire as well as properties in Orange County, Santa Fe Springs, and the San Fernando Valley.
The former Edelbrock property has high clearance heights, six dock-height doors and 14-grade level doors.
The South Bay is one of the tightest industrial markets in the country, largely because of the proximity to the ports of L.A. and Long Beach. Vacancy tightened from 2.4 percent in the first quarter of 2020 to 2.2 percent in the first three months of 2021.
Edelbrock announced it would lay off 270 employees and close the location in late January. The property had offices, research and development, and manufacturing facilities.
Staley Point is based in Century City and has a handful of other projects in the works around L.A., including a self-storage development south of Downtown L.A.
Bain Capital also is backing Bardas Investment Group’s recently announced $450 million office and production studio complex in Hollywood. The project is set to replace a defunct Sears store.
[LABJ] — Dennis Lynch