Sealy & Co. Acquires 1 MSF Industrial Asset in MS
- Mar 28, 2019
Tratt Properties has sold a roughly 1 million-square-foot, Class A distribution facility in Olive Branch, Miss., for an undisclosed price. The buyer, Sealy & Co., has taken out a line of credit with a maximum amount of $600 million from KeyBank, with a maturity date set for 2022 and an extension possibility until 2023, as per DeSoto County records.
Located at 7755 Polk Lane, the asset is fully leased to e-commerce retailer Williams Sonoma and features 66 loading docks, 36-foot clear heights and plenty of parking. The facility is less than 20 miles of Memphis International Airport, the busiest air cargo airport in the U.S., and less than 30 miles of downtown Memphis, Tenn.
“Memphis has become a top market for Sealy, as the properties we’ve acquired here align well with our portfolio goals. We are very pleased to acquire a property with a long-term commitment from a quality tenant like William Sonoma,” said Scott Sealy Jr., CIO of Sealy & Co., in prepared remarks.
The deal marks the fourth transaction for the buyer in the Memphis area since December. At the end of last year, Sealy & Co. also sold a 10-property portfolio in Brownsville, Texas, to PacVentures.
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