Investors continue to be bullish on Orange County industrial opportunities, with redevelopment plans underway for a 3-acre parcel in Orange.
Los Angeles-based Staley Point Capital recently acquired an industrial property at 630 N. Batavia St., with plans to demolish the two-building, 50,000-square-foot structures on the property and develop a new industrial building for either storage or logistics uses.
The company, a value-add investor of infill industrial properties, paid $15.7 million for the property, which is about a mile east of Angel Stadium in Anaheim.
The building is currently occupied by the seller, Roseburrough Tool.
Roseburrough, which makes construction tools, has long used the site as a manufacturing and administrative base. It sold the property for about $313 per square foot. Its plans following the sale have not been disclosed.
Richard Schwartz of Colliers International represented Staley Point Capital in the deal; CBRE’s Philip Woodford and Ross Fippinger repped Roseburrough.
Placentia Buy
The deal marks the second local purchase in the past month for Staley Point Capital.
It follows the company’s buy of 888 Crowther Ave., a 58,000-square-foot industrial project in Placentia, for $15 million, or $259 per square foot.
Staley Point Capital acquired the building through a joint venture with Bain Capital Real Estate, which launched about a year ago.
The venture has made nine investments in Southern California since.
Asking rents for OC buildings totaling more than 50,000 square feet have increased 27% in the past year, according to Staley Point Capital, with the region maintaining a historic low vacancy rate of 1.4%.
