Staley Point grabs more Inland Empire land for industrial
Firm bought 11 acres for $37M, plans 250K sf
Staley Point Capital has added to its industrial portfolio, buying up more land for future industrial development in two key hubs of the Industrial Empire.
The Los Angeles-based investment, founded in 2019, bought 11 acres of land to build 250,000 square feet of industrial space.
Staley Point spent $24.6 million on seven acres at 212 Smith Avenue in Corona and $12.3 million on a four-acre site at 15363 Arrow Route in Fontana, the latter of which is permitted for outdoor storage. The deals came out to around $74 per land foot, or about $3.3 million per acre.
Both Fontana and Corona have grown into significant logistics hubs thanks in part to their proximity to freeways and rail lines.
Staley Point is planning to build Class A industrial space on the sites it most recently acquired, though the outdoor storage is available for lease while the firm looks into development.
The Fontana site was previously owned by Fleetpark LLC, run by Iowa-based trucking company owner Wayne Hoovestol, records show. Staley Point bought the land in Corona from three separate private investors.
The company bought the properties through a joint venture with Bain Capital. Together, the firms have acquired at least 12 industrial sites across Los Angeles County and the Inland Empire since the venture was formed in late 2020.
Most recently, Staley and Bain purchased a 160,000-square-foot industrial property in Santa Fe Springs leased to Anheuser-Busch for $35 million.
Staley Point is one of many firms racing to build industrial space as demand for Class A warehouses has risen exponentially over the last year. In Los Angeles County, the company is planning to build a 99,000-square-foot industrial complex across three buildings in the San Fernando Valley.
However, supply chain issues and labor shortages have posed hurdles for developers, with many facing delays on planned warehouses.
Deliveries of speculative construction industrial warehouses larger than 100,000 square feet dropped significantly in 2021, according to Newmark. Around 80 million square feet was delivered across 23 major markets in 2021 — down from about 110 million square feet in 2020.