Two Valencia industrial buildings occupied by Bayless Manufacturing Inc. have sold for about $12 million, according to L.A. commercial real estate brokerage CBRE Group Inc.

Sierra Nevada Investment Group Inc., an industrial real estate investment firm in Los Angeles, bought 26100 and 26140 Avenue Hall at the corner of Avenue Stanford in the Valencia Industrial Center from Bayless, a metal fabricator and precision machine shop.

The Class A, concrete-tilt-up structures total 80,200 square feet and were built in the late 1990s. They each have dock high and ground level loading with minimum clearing heights starting at 24 feet high. Each have more than 84 parking spaces and sit adjacent to Interstate 5.

As part of the sale-leaseback deal, Bayless signed a six-year lease with Sierra Nevada.

“These days, corporations don’t want to own real estate,” said Craig Peters with CBRE, who represented Bayless with CBRE broker Robert Valenziano. “Putting capital into the business rather than real estate probably allows greater returns. It also provides greater flexibility. With a leaseback, the company doesn’t need to move, and so continues to operate as it did before.”

CBRE offered the property through a managed-bid process, which allows sellers a greater pool of interested parties to choose from and a way to analyze and compare terms, such as price, and in this case, lease rates, to find the most favorable ones, Peters said. Plus, due to the record-low, 1.86 percent vacancy rate for industrial properties in Valencia, the bid received about 10 qualified offers from private and institutional investors, he added.

In addition to the CBRE brokers, Craig Lyon of Craig Lyon Commercial, and Steve Calhoun at Colliers International, negotiated the deal on behalf of Sierra Nevada, according to CBRE.