DALLAS--(BUSINESS WIRE)--Aug 29, 2023--
Sealy & Company, a fully integrated commercial real estate investment and operating company and recognized industrial real estate market leader, announces the acquisition of Distriplex II. The newly constructed Class A distribution center, which totals 201,500 square feet, is located at 6386 Global Drive in Memphis. The asset is 100% leased and was acquired for an undisclosed amount through an off-market transaction.
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Sealy & Company, a recognized industrial real estate market leader, announced the acquisition of Distriplex II. The newly constructed Class A distribution center, which totals 201,500 square feet, is located at 6386 Global Drive in Memphis. The asset is 100% leased and was acquired for an undisclosed amount through an off-market transaction. (Photo: Business Wire)
Distriplex II is a state-of-the-art facility constructed in 2022 and is located in one of Memphis’s most institutional submarkets. The asset is a rear-load configuration and features 22 dock-high doors, two drive-in doors, 126 auto parking spaces, 51 trailer parking spaces, and a 185’ truck court. The property is in a superior e-commerce location with access to Highway 78 and the Memphis International Airport/FedEx World Hub.
The addition of Distriplex II strengthens Sealy & Company’s footprint in the Memphis market, which now totals over 3.2 million SF. This transaction follows the early 2023 addition of 466,475 SF of assets located at 6332 and 6356 Commercial Drive. Memphis is the largest market by SF in Sealy & Company’s 32+ million SF portfolio spread across 29 U.S. markets. Sealy’s continued investment reflects a strategic alignment between the firm’s investment strategy and Memphis’s industrial market fundamentals.
According to CoStar, the Memphis industrial market is experiencing a wave of new supply. This is largely thanks to solid demand drivers, such as a large blue-collar workforce, an ideal location along the Mississippi River close to the mean center of population for the United States, and slow but positive population growth in the metro area. The addition of this asset expands Sealy & Company’s presence in the highly sought-after Memphis industrial market.
“With the latest acquisition of Distriplex II, Sealy & Company continues to reinforce its significant presence and proven success in the Memphis market. This addition further solidifies Memphis's standing as the largest market in Sealy & Company’s portfolio by square footage, ahead of St. Louis and Dallas. Factors such as the robust industrial fundamentals of Memphis, its strategic location, and vibrant labor pool all contribute to Sealy’s ongoing investment in industrial real estate within the region,” states Jason Gandy, Managing Director – Investment Services for Sealy & Company.
Jason Gandy and Davis Gibbs, Director – Investment Services, led the transaction for Sealy & Company.
For more news and information regarding Sealy & Company, please visit the Company's website at www.Sealynet.com.
Sealy & Company
Sealy & Company, a fully-integrated commercial real estate investment and operating firm, is a recognized leader in acquiring, developing, and redeveloping regional distribution warehouses, 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, with corporate offices in Dallas, TX and Shreveport, LA.
View source version on businesswire.com:https://www.businesswire.com/news/home/20230829802049/en/
CONTACT: Kayte H. Hollowell
Vice President – Marketing & Communications | Sealy & Company
318.222.8700 |KayteH@Sealynet.com
KEYWORD: UNITED STATES NORTH AMERICA TEXAS TENNESSEE
INDUSTRY KEYWORD: PROFESSIONAL SERVICES OTHER CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE FINANCE CONSTRUCTION & PROPERTY REIT
SOURCE: Sealy & Company
Copyright Business Wire 2023.
PUB: 08/29/2023 11:01 AM/DISC: 08/29/2023 11:00 AM
http://www.businesswire.com/news/home/20230829802049/en
