Sealy Acquires 478 KSF Industrial Asset in Ohio

The commercial real estate investment and operating company snapped up Centerpoint #6, a bulk warehouse facility in the suburban Columbus city of Obetz.
Centerpoint #6
Centerpoint #6

Sealy & Co. has added a 478,200-square-foot industrial asset to its Ohio portfolio. The commercial real estate investment and operating company recently acquired Centerpoint #6, a bulk warehouse facility in Obetz, roughly 15 miles south of Columbus.

Centerpoint #6 is located at 5465 Centerpoint Parkway, within the 239-acre Centerpoint Business Park master planned industrial complex in the Rickenbacker submarket. The tenant roster at the Class A warehouse includes Pier One, Nautilus, Avnet and fashion rental service Le Tote, which signed a lease for 250,000 square feet in 2017.

Sealy purchased Centerpoint #6 on behalf of Sealy Strategic Equity Partners LP in an off-market transaction. The company frequently snaps up assets that aren’t openly offered to other investors. As Jason Gandy, managing director of investment services with Sealy &Co., told Commercial Property Executive, the company attributes its success in sourcing off-market opportunities to its “ability and surety to close in tight time frames coupled with long-standing relationships in our markets.”

Columbus calling

The Columbus industrial market is thriving, as evidenced by the numbers. The metro area recorded positive net absorption totaling a little more than 1.5 million square feet in the second quarter of 2018, representing the sixth consecutive quarter of positive absorption, according to a report by commercial real estate services firm Colliers International. The vacancy rate was enviably low at approximately 4.6 percent.

Attracted to the Columbus industrial sector’s healthy fundamentals, Sealy re-entered the Columbus market in 2017 with the acquisition of the 652,195-square-foot Creekside IX in the city’s Southeast submarket.

While keen on Columbus, Sealy continues to eye other markets as well. “We would like to continue to grow in all our markets but in particular Dallas, Houston, Atlanta, Charlotte and Kansas City,” Gandy said. “They have the right fundamentals and industrial infrastructure that we are looking for.”

Image courtesy of Sealy & Co.