Greenville-Spartanburg Portfolio Acquisition is Sealy’s Largest Deal of 2020
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 eight fully-leased industrial warehouse and distribution buildings totaling 1,207,376 square feet in Greenville, South Carolina. All of the eight properties are well located within the Greenville-Spartanburg Industrial market along the I-85 corridor. Sealy purchased the portfolio from Blackstone for an undisclosed amount.
Located in the largest industrial submarket in Upstate, the portfolio offers excellent accessibility to the nearby BMW Manufacturing Plant, the Greenville International Airport, and the Inland Port, which offers overnight freight shipping from the Port of Charleston. With low office finishes and unique functional characteristics compared to the submarket’s standard offerings, the portfolio is fully leased to a strong roster of national and international organizations. Strong demographic trends have attracted and maintained these major tenants as Greenville-Spartanburg’s population growth continues, making it the second fastest-growing metro in South Carolina and nineteenth in the country.
This acquisition marks the largest in 2020, second largest in company history, and the first for Sealy in South Carolina, which now accounts for the third most square footage in Sealy’s portfolio behind Dallas and Memphis. Historically, Sealy has invested in property close to its Northern Louisiana and Texas roots, but has actively broadened its investment strategy to include properties across much of the United States. Sealy now owns property in 12 major target markets including: Dallas, TX; Atlanta, GA; Houston, TX; Shreveport, LA; Memphis, TN; Kansas City, MO; St. Louis, MO; El Paso, TX; Lexington. KY; Columbus, OH; Oklahoma City, OK; Baton Rouge, LA; and now Greenville, SC. The company continues to rapidly expand into attractive markets as its investment portfolio has grown fourfold in just two years.
The growth and aggressive investment strategy executed by Sealy’s Investment Services Team is a testament to Sealy’s capabilities as a national investment platform. Led by Scott P. Sealy, Jr., Chief Investment Officer, Sealy’s Investment Services Team provides decades of combined industrial real estate experience in sophisticated deal generation and investment underwriting.
Chief Operating Officer, Rick Czerwinski admires the team’s tenacity for executing acquisitions in a competitive market by saying, “This proves to be another great job by the investment group at sourcing, underwriting, negotiating, and closing in one of the most competitive investment environments in my career.”
The deal was led by Scott P. Sealy, Jr. and Jason Gandy, Chief Investment Officer and Managing Director of Investment Services, respectively, and supported by Senior Analyst Christopher Martin. The team worked closely with Trey Barry of CBRE National Partners to purchase the assets from Blackstone.
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. and is the sponsor of Sealy Industrial Partners, L.P. (SIP).