Sealy & Company, a fully-integrated commercial real estate investment and operating company and recognized leader in the industrial real estate market, announces the acquisition of a 20-building portfolio of distribution warehouses in Memphis, Tennessee. Sealy & Company developed a relationship with the portfolio owner in 2014 during a separate property purchase. This connection, coupled with the longtime relationship with representing broker, Hank Martin of NAI Saig, positioned Sealy for this off-market acquisition. Totaling 1,020,560 square feet, the portfolio adds significant share to the company’s Memphis footprint. The off-market transaction was made on behalf of Sealy Industrial Partners, L.P. (SIP) for an undisclosed amount.
The infill portfolio, located in Memphis’ most sought-after Southeast submarket, consists of highly desirable single-tenant buildings averaging 50,500 square feet. Single-tenant buildings are unusual for infill properties in this market, making this portfolio desirable to tenants and a valuable addition to Sealy & Company’s growing asset list. The primary artery providing access to the Southeast submarket is US 78, which is located just minutes from the majority of the portfolio.
The buildings within the portfolio all feature attractive but varying characteristics. Sealy & Company intends to enhance the value of the properties through various improvements throughout its hold period and maintain the portfolio’s 100% occupancy.
“The Southeast submarket consistently draws and retains some of the most sophisticated tenants in the central US. Sealy recognizes the value and opportunity in not only the stable occupancy, but in the capital structure of this investment as well. We are fortunate to add this portfolio to our own, and appreciate the owner’s consideration of our firm when the decision to sell the portfolio was made, ” says Sealy & Company’s Chief Investment Officer, Scott Sealy, Jr.
For more news and information regarding Sealy & Company, please visit the company’s website at www.Sealynet.com.