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 197,767 square foot distribution warehouse in Covington, Louisiana on the outskirts of the major distribution city of New Orleans. The off-market transaction was made for an undisclosed amount.
Currently leased to Medline Industries, the world’s largest privately-held manufacturer and distributor of medical supplies, the property is located in one of the best performing submarkets and is of superior quality to its neighboring properties. As the intersection between the Gulf of Mexico and the Mississippi River, New Orleans has long served as one of the most important centers of trade in the United States. The property’s location in the Great New Orleans submarket with immediate connectivity to the U.S. via I-12 corridor and Port of New Orleans is pivotal as Medline has played a leading role in COVID-19 relief.
“Sealy has had a specific investment strategy for nearly 75 years – buy industrial property and add value through institutional ownership and management. We will continue to drive that mission of quality management, operations, and tenancy in this facility. We are pleased to acquire a property occupied by a strong national tenant such as Medline. With such a wide breadth of industrial property across the Southeast, it’s great to grow our portfolio closer to our Louisiana roots,” says Chief Investment Officer, Scott P. Sealy, Jr.
Originally founded in Louisiana, Sealy & Company has a deep history in the New Orleans region. The Covington property is a fitting addition alongside its Gonzales distribution center, Ashland Distribution Center. The property fits well within Sealy’s investment criteria as a well-maintained offering occupied by a credit-worthy tenant with high barriers to entry as the supply of similar property is limited.
For more news and information regarding Sealy & Company, please visit the company’s website at www.Sealynet.com.
About Sealy & Company
Sealy & Company, a fully-integrated commercial real estate investment, and operating company, is a recognized leader in acquiring, developing, and redeveloping regional distribution warehouse, industrial/flex, and other commercial properties.Sealy provides a full-service platform for high-net-worth individuals and institutional investors through our development, management, and brokerage divisions. Sealy & Company has an exceptional team of over 100 employees, located in eight offices, with corporate offices in Dallas, TX and Shreveport, LA.