FOREST PARK, GA—Dallas-based Sealy & Co. reports it has completed the acquisition of an industrial park totaling about 242,000 square feet here. The purchase was made through its joint venture with global real estate investment management firm, AEW Capital Management.
AEW owned the property on behalf of AEW Partners VII, L.P., the seventh in the firm's opportunistic fund series, company officials state. No financial terms of the transaction were disclosed.
The investment is located in the Airport/N. Clayton industrial market—the largest submarket in Atlanta. The region has a current overall vacancy rate of 11.2% and has achieved seven straight quarters of positive absorption, Sealy & Co. states in its announcement.
“Consisting of nearly 242,000 square feet of high-quality, functional, industrial, brick and block construction buildings, this portfolio is a great value investment for us. We are seeing leasing velocity steadily improving in Atlanta, and gradually attracting a larger tenant base,” says Scott Sealy Jr., vice president and business development for Sealy & Company. “This project offers a unique value add opportunity in a market that continues to show strong leasing demand. The building's design and configuration will accommodate tenants between 40,000 square feet and 80,000 square feet.”
The JV between Sealy and AEW continues to focus on assets and portfolios in major industrial markets with a defined investment size between $5 million and $100 million, company officials say.
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