Dealmaker: Staley Point, Bain Capital Real Estate Acquire Industrial Property for $32M
Staley Point Capital, Los Angeles, and Bain Capital Real Estate, Boston, acquired 2424 8th Ave S. in Seattle for $31.6 million, or $351 per square foot.
The fully leased, 90,000-square-foot industrial asset is within 10 miles of significant distribution hubs including SeaTac International Airport and the BNSF and Union Pacific railway yards. The South of Downtown (SoDo) neighborhood is the closest industrial pocket to the Port of Seattle and the city’s central business district.
“Seattle is a high-conviction market for our industrial strategy due to its strong growth fundamentals,” said Andrew Terris, a Managing Director at Bain Capital Real Estate.
Winston & Strawn LLP served as Staley Point Capital’s legal counsel. Newmark represented the seller and JLL Capital Markets will arrange the property’s financing.
“8th Ave. is a highly functional asset in a submarket with declining industrial supply and more than 500,000 people within five miles,” said Eric Staley, Managing Director of Staley Point. “We secured the transaction by providing speed and certainty to the seller.”
The Staley Point Capital-Bain Capital Real Estate joint venture started acquiring West Coast infill industrial properties in September 2020. Most recently, it purchased 2187 Garfield Avenue a 132,000-square-foot warehouse at in Commerce, Calif., for $38.5 million.