Newton, Mass.-based Seven Hills Realty Trust has got its hands on a $23.8 million mortgage for a Los Angeles storage facility, the REIT’s manager, Tremont Realty Capital, announced on Monday.
Staley Point Capital provided the floating-rate, three-year initial term loan toward the 80,000-square-foot Extra Space Storage facility at 2515 South Broadway, south of Downtown L.A. JLL advised Staley Point in the deal.
“The closing of the 2515 South Broadway loan further grows our portfolio and diversifies it into the self-storage sector,” Tom Lorenzini, Seven Hills’ president and CEO, said in a statement. “This Class A self-storage property is in a supply-constrained market near the University of Southern California’s main campus.”
A representative for Staley Point did not immediately respond to a request for comment.
Staley Point has done well in Southern California over the past year. The firm and its partner, Bain Capital Real Estate, in January sold a 91,000-square-foot warehouse in the City of Industry, Calif., for $38.4 million. The sale was a nice payday — a 75 percent premium over the $22 million the JV paid for it in early 2022.
A few months earlier, in October, the JV inked a 123,000-square-foot lease for a separate warehouse at 2197 Garfield Avenue in the City of Commerce, Calif. Third-party logistics company LAX Freight Delivery signed for the entire 7-acre property.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
