Staley Point Capital, Bain make industrial play for $24M
103K sf building in Sylmar leased to movie set design firm
Staley Point Capital has once again teamed up with Bain Capital, this time to acquire a warehouse in Sylmar.
The Los Angeles-based firm bought a 104,000-square-foot property at 12450 Foothill Boulevard for $24 million through a joint venture with Bain, according to an announcement on Thursday.
The deal comes out to around $230 per square foot — slightly less than the duo’s last deal in Commerce, which came out to $291 a foot.
A manufacturer based in Sun Valley, Marfred Industries, previously owned the property, records show.
In July, Staley Point and Bain bought a 135,000-square-foot industrial property in Torrance for $34.5 million, or $255 a foot. Two months later, the firms joined forces again to buy a $38.5 million warehouse at 2187 Garfield Avenue in Commerce.
The firms “expect to invest further in the region in 2022,” Staley Point’s Eric Staley said in a statement.
However, the Sylmar building has more than just industrial features. The firms are also capitalizing on the booming content creation sector with their purchase.
The building is fully leased to Vision Scenery, which constructs sets for movies and TV studios, and is configured for production, which “ensures long-term, robust demand from the studio and content creation sectors.”