706,132 SF in Two Parks Now in Sealy's Control

[IMGCAP(1)]DALLAS-With value add in its extra land, vacancy and infill location, a 706,132-sf industrial portfolio in North Dallas has been sold to Sealy & Co. Inc. The closing is the second one this week of a core-plus portfolio topping 700,000 sf with value add in the short and long term embedded into the play.

Based in Shreveport, LA and Dallas, Sealy has acquired business parks in Addison and Carrollton, bisected by a primary artery, Belt Line Road. The 11-building package sits on 44.5 acres, with Marsh Lane, Realty Road, Business Avenue and Venture Court on its other sides. The two parks, with 45 tenants, are 69% leased, with an in-place NOI of $2.14 million, according to the marketing flyer. UBS Realty Investors LLC of Hartford, CT is the seller.

Sealy’s immediate upside lies in the lease-up, but the long-term gain is the redevelopment opportunity from owning a large infill tract with a proposed Dallas Area Rapid Transit light-rail station at its back, Jack Fraker, vice chairman of CB Richard Ellis, acknowledges to GlobeSt.com. About 61% of the buildings were built after 1980 and the balance delivered after 1990. The deal’s sweet spot is a 5.4-acre empty tract at the hard corner of Marsh and Belt Line.