Sealy & Co. Acquires New Orleans-Area Industrial Asset
- Aug 13, 2020
Sealy & Co. has acquired a 197,767-square-foot distribution warehouse in Covington, La. The property is currently leased to Medline Industries, a large medical supplies manufacturer and distributor. According to St. Tammany Parish records, Sealy & Co. purchased the property from the tenant.
Located at 149 New Camellia Blvd., the facility is just off Interstate 12, north of Lake Pontchartrain and roughly 42 miles from downtown New Orleans via Lake Pontchartrain Causeway. Baton Rouge is directly accessible via Interstate 12, some 60 miles west. The Port of New Orleans is situated within a 1-hour drive.
In December 2019, Louisiana Economic Development announced that Medline was planning on building a new, 800,000-square-foot medical supply building north of Interstate 12, with the facility slated to bring more than 170 jobs within two years of opening on top of retaining 36 existing positions.
Late last year, Sealy Strategic Equity Partners, an investment fund sponsored by Sealy & Co., sold 16.3 million square feet of industrial space to DRA Advisors. The $908.5 million portfolio included 106 warehouses located in the Southeast, Southwest and Midwest.