Sealy Purchases 1.2 Million Square Foot Industrial Warehouse Portfolio in Historic First Acquisition in South Carolina
Wednesday, August 26th, 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.