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GlobeSt.com EXCLUSIVE: Sealy Buys 1M-SF Industrial Portfolio

HOUSTON-The Dallas-based buyer, besting 10 others jockeying for the package, gets 1.3 million sf in 35 flex buildings, primarily in three submarkets. The 80%-leased package came to market with $73-million tag, but sells for considerably less.

By Jennifer D. Duell | Updated on January 05, 2005

HOUSTON-Sealy & Co. Inc. has expanded its presence in the Bayou City with the acquisition of a 1.3-million-sf, 35-building flex industrial portfolio.

Austin-based Hill Partners Management Co. advised the seller, a partnership headed by Joel Peterson of Salt Lake City. “The partnership decided that it was a good time to sell,” says BethAnn Signor, president of Hill Partners who served as the portfolio’s asset manager since it was purchased two years ago.

The portfolio, which is about 80% service center space with 40% to 50% office finish, had a list price of $73 million. However, industry experts say the portfolio traded for considerably less than the list price. The CB Richard Ellis Inc. investment sales team ofRandy Baird, Jack Fraker, Barbara Emmons, Michael Palmer and Gray Gilbert marketed the portfolio.

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