Investment firm Sealy & Co. and related entities wrapped up 2019 by finalizing more than $1B worth of transactions this week, including the company's largest industrial purchase to date, and a major disposition.
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Sealy Strategic Equity Partners investment fund sold $908.5M in industrial assets to DRA Advisors out of New York earlier this week. The transaction was a huge part of Sealy's portfolio; it sold 16.3M SF from its 18.1M SF industrial portfolio.
Sealy said it would distribute sale proceeds to investors in January and offload the remaining portfolio assets in the first half of the year. The sale included 106 warehouses acquired by Sealy Strategic Equity Properties over the course of six years in the Southeast, Southwest and Midwest.
“With the recent portfolio disposition executed by Sealy Strategic Equity Partners LP, we are entering a new phase of our investment life cycle and are aggressively pursuing acquisition opportunities at this time of strategic capital deployment,” Sealy & Co. Chief Investment Officer Scott Sealy Jr. said in a statement.
It only took a few days for the first one to come to fruition.
The firm purchased a 19-building, 1.6M SF light industrial portfolio in Dallas for an undisclosed amount through its Sealy Industrial Partners entity, according to a press release from the company.
The buildings help satisfy the firm's appetite for last-mile infill industrial properties in DFW. The 19 assets are 97% leased and located on average 1.4 miles from key transportation routes across the DFW area.
“Our aim is to continue buying institutional quality assets, and the Dallas Infill Industrial portfolio is a strong addition to Sealy Industrial Partners LP. We’re completing the year with two large transactions that are setting the pace for 2020 and beyond,” Sealy said.
The company said it plans to hold the Dallas industrial portfolio to capitalize on the area's potential for rent growth, positive cash flow and yield.
Dallas-Fort Worth remains one of the nation's hottest industrial markets, and analysts expect strong absorption and demand to continue well into 2020.
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