Commercial real estate investment company Sealy & Company has acquired eight fully-leased industrial warehouse and distribution buildings totaling 1,207,376 square feet, located within the Greenville-Spartanburg Industrial market along the I-85 corridor, in Greenville, South Carolina from Blackstone for an undisclosed amount.
Located in the largest industrial submarket in Upstate, the industrial warehouse portfolio offers 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.
“This proves to be another great job by the investment group at sourcing, underwriting, negotiating, and closing in one of the most competitive investment environments in my career,” said Rick Czerwinski, Chief Operating Officer.
The deal was led by Scott P. Sealy, Jr. and Jason Gandy, Chief Investment Officer and Managing Director of Investment Services, respectively, and supported by Senior Analyst Christopher Martin. The team worked closely with Trey Barry of CBRE National Partners to purchase the assets from Blackstone.