DALLAS, TX – (February 23rd, 2023) – 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 two newly constructed multi-tenant buildings totaling 466,476 square feet of Class A Industrial property located in the Memphis market. The assets are 100% leased and were acquired for an undisclosed amount, and Sealy & Company adds to its Memphis portfolio.
The two buildings, 6332 Commercial Drive and 6356 Commercial Drive are in a superior e-commerce location in Desoto County with immediate access to Highway 78, the BNSF Intermodal Yard, the Memphis International Airport, and FedEx’s global sorting and handling super hub. Few markets in the country have benefited from the fundamental shift to online sales and the need for faster delivery times than Memphis. This centrally located national logistics hub serves more major markets overnight than any other U.S. city. With more logistics workers per capita than any other metropolitan area in the country, Memphis offers a deep pool of highly qualified talent. Over 24% of the workforce within 20 miles of Sealy’s newly acquired assets is employed in the transportation and warehousing sector.
The Commercial Drive Industrial properties provide tenants with best-in-class building specifications. The rear load buildings have ample dock high and grade level loading with Class A features, including 32’ clear heights, 130’ truck courts, an ESFR fire suppression system, LED lighting, and ample employee parking. The buildings offer optimal functionality with their multi-tenant design with multiple storefronts.
“Sealy & Company has a strong presence and track record in the Memphis market, which we are thrilled to continue with our latest acquisition of the Commercial Drive properties. With this addition, Memphis now becomes the largest market by square footage in the Sealy & Company portfolio, followed closely by St. Louis and Dallas. The Memphis industrial market fundamentals, strategic position, and strong labor pool are all factors in Sealy’s expanding ownership,” says Jason Gandy, Managing Director – Investment Services for Sealy & Company.
Jason Gandy and Davis Gibbs, Director – Investment Services, led the transaction for Sealy & Company. CBRE National Partners, led by Frank Fallon, brokered the sale for Scannell Properties.
For more news and information regarding Sealy & Company, please visit the company’s website at www.Sealynet.com.
About Sealy & Company
Founded in 1946, Sealy & Company is a fourth-generation family-owned commercial real estate investment and operating company specializing in industrial and logistics properties. The firm acquires, develops, redevelops, manages and operates industrial real estate throughout the United States through a fully integrated platform that includes acquisitions, development, asset management, property management, construction management, and brokerage services. Sealy & Company currently manages more than $3 billion in assets and has completed over $8 billion in investment volume throughout its history.