HOUSTON– (Realty News Report) – An affiliate of Sealy & Co., an industrial commercial real estate firm, acquired a 479,806 SF distribution warehouse on the west side of the Houston metropolitan area.
The building is occupied by Broad Ocean, a manufacturer which is a supplier of Daikin. Daikin recently completed a 4.2 million SF air conditioning manufacturing plant in the Waller area.
The recently constructed Sealy property, located at 18140 Kickapoo Road, is situated eight miles past the intersection of US 290 and Grand Parkway.
“Houston’s rapidly growing industrial market and increasingly low vacancy rates are attractive to us. This is a core asset with features we believe to be attractive to many of the surrounding manufacturers, suppliers, and distributors. We’re looking forward to executing our strategy of acquiring at a discount to replacement cost and stabilizing the asset. We’re pleased with this acquisition and the continued diversification of our portfolio,” says Sealy & Co. Chief Investment Officer, Scott Sealy, Jr.
The Sealy investment services team, led by Scott Sealy, Jr., Jason Gandy, and Tom Herter, worked closely with Tom Lynch and Mark Redlingshafer of CBRE to acquire the property.
Architecture was by Powers Brown.
Sealy owns a significant number of properties in north Texas and Louisiana and in other markets.