Sealy Acquires MSF Industrial 1.1 Portfolio – Head of Commercial Real Estate
Sealy & Cie. has acquired the Mid States Industrial Portfolio, a 1.1 million square foot assembly of industrial assets in Dayton, Ohio, Sealy announced Monday. The seller was local firm Culmen Real Estate Services, a Sealy spokesperson said. commercial real estate director.
The monetary value of the transaction was not disclosed.
The portfolio is 85% occupied by a diversified list of 22 tenants. The buildings are of tilting concrete construction and would have been purchased at a significant discount to replacement cost.
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The assets are in two separate submarkets along I-75, Moraine and Airport/Vandalia, with the former serving the southern end of the Dayton market and Airport/Vandalia providing industrial supply in the north.
Jason Gandy, Sealy’s Managing Director of Investment Services, and Davis Gibbs, Director of Investment Services, led the transaction for Sealy & Co. John Hassler of Newmark represented the seller.
The Dayton Industrial Market continues to show strong fundamentals, with nearly 2.0 million square feet of net uptake so far this year, according to first-half 2022 figures from CBRE.
The local construction pipeline totals approximately 3.5 million square feet of industrial projects, up 38% year-over-year and one of the largest numbers on record for the region.
CBRE also reports that vacancy fell 30 basis points in the first half to 3.9% and the average rental rate rose to $4.94 per square foot.
Sealy has been very active over the past two quarters in various markets.
In April, the company acquired a 437,580 square foot logistics facility in metro Columbus, Ohio.
Then in June, Sealy purchased a pair of 300,000 square foot logistics buildings in the western suburbs of Detroit.
And in August, the company announced two acquisitions: two logistics facilities totaling 841,849 square feet, in Lakeland, Fla., in the Tampa area, as part of a $98 million deal, and a distribution facility. of 70,000 square feet in Kansas City, Mo.