The two transactions add 369,812 square feet of Class A Industrial property to Sealy's growing portfolio.
DALLAS, June 23, 2022--(BUSINESS WIRE)--Sealy & Company, a fully-integrated commercial real estate investment and operating company and recognized leader in the industrial real estate market, announces two back-to-back transactions totaling 369,812 square feet of Class A Industrial property located in two new markets of Pittsburgh, PA, and Des Moines, IA. The transactions were made for an undisclosed amount.
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Sealy & Company Expands Footprint Into Two New Markets in Back-to-Back Transactions – Pittsburgh, Pennsylvania & Des Moines, Iowa (Photo: Business Wire)
The Imperial Light Industrial Portfolio, located in Pittsburgh, consists of two recently constructed Class A industrial properties totaling 148,172 square feet. The buildings feature flexible and efficient floor plates that can meet a wide array of tenant needs, including office, distribution, and lab capabilities, and were thoughtfully designed to include LED lighting, ESFR sprinkler systems, one loading door per 8,232 SF, in addition to significant tenant fit-outs. The Portfolio can accommodate a range of tenant requirements starting at 6,240 square feet, a unique offering within the industrial market, making these highly functional industrial properties extremely costly to replicate. The Imperial Light Industrial Portfolio is situated in Chapman Westport, a newly developed master-planned industrial park within one of Pittsburgh's most dynamic, sought-after locations. The park provides premier access to Pittsburgh's population centers and transportation arteries. Major tenants in this industrial pocket include Amazon, General Electric, Gordon Foods, Max Finkelstein, and Niagra Bottling.
Crosswinds II consists of a modern, Class-A, 221,520 square foot distribution center located in fast-growing Ankeny, Iowa, a northwest suburb of Iowa's capital city, Des Moines. Construction was completed in 2022 and provides tenants with state-of-the-art amenities such as 32' clear height, 136' truck court with dual access, ESFR sprinkler systems, heavy power, 30 dock high doors, ample car and trailer parking, and highly visible tenant signage. The building is ideally located with exceptional access to Interstates 80/35, offering coast-to-coast and Canada-to-Mexico interstate transportation. As Iowa's largest city, Des Moines benefits from a high concentration of well-paying jobs that have helped attract and retain a highly educated workforce. According to CoStar, the metro has grown at a brisk pace in recent years, increasing nearly 17% between 2010 and 2020. This makes Des Moines one of the fastest-growing metropolitan areas in the Midwest and across the country.
"Our Investment Services Team has been firing on all cylinders this quarter. We are pleased with the deals, both on and off-market, that we have been able to underwrite and pursue so far in 2022. We will continue to pursue our portfolio by design strategy, expand our footprint, and remain one of the most active private buyers of industrial real estate," says Davis Gibbs, Sealy & Company's Director— Investment Services.
Jason Gandy, Managing Director – Investment Services, and Mr. Gibbs led the transactions for Sealy & Company. John Plower of JLL represented the seller of the Imperial Light Industrial Portfolio. John Hassler of Newmark Zimmer represented the seller of Crosswinds II.
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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 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, located in eight offices, with corporate offices in Dallas, TX and Shreveport, LA.
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Kayte H. Hollowell
Director – Marketing | Sealy & Company
318.222.8700 | KayteH@Sealynet.com