Joint Venture Capitalizes on Texas
- Jul 03, 2015
By Liviu Oltean, Associate Editor
A joint venture formed by Sealy & Co. and AEW Capital Management disposed of a 1.48 million-square-foot industrial portfolio. At the time of the transaction, the portfolio was 91 percent leased and consisted of 19 multi-tenant, net-leased industrial facilities located in Dallas, Houston and San Antonio.
The joint venture wanted to capitalize on current market conditions, the assets having appreciated significantly over a short period of time. The portfolio was acquired in February 2014 and it represented the joint venture’s first investment.
“The Texas Industrial Portfolio proved to be another great investment for the joint venture between Sealy and AEW,” stated Scott Sealy Jr., vice president of business development for Sealy & Co. “Sealy is pleased with the outcome of the Texas Industrial Portfolio sale and we look forward to continued success in partnership with AEW.”
As Commercial Property Executive has reported, Sealy has been a longstanding player in Texas. The firm has been active in the state for more than 50 years and owns more than 5.8 million square feet of space. According to an official press statement, the joint venture will continue to focus on assets and portfolios in major industrial markets, looking for prospective investments ranging between $5 million and $100 million.