A real estate investor has been on something of an industrial property buying spree in the Dayton area.
Limited liability companies with tax addresses that match the Shreveport, La. and Dallas corporate addresses of real estate investment company Sealy & Co. recently bought 10 warehouses in Moraine and Vandalia, with associated parcels zoned for commercial or industrial uses.
The portfolio has 22 tenants in 10 buildings, with more than 1 million square feet of industrial space
All told, the total purchases approach $47.5 million. The Montgomery County Auditor’s web site gives the deals 13 parcel IDs for nine separate transaction prices.
The purchases happened last month but appeared on the county site in recent days.
“The investment services team at Sealy has been working hard this year and is excited to see the fruits of our labor realized with the Mid States Industrial Portfolio,” Sealy Chief Investment Officer Scott Sealy Jr. said in a statement. “This acquisition further cements our presence in the Midwest region and heralds our commitment to expanding our reach into strategic industrial markets.”
The most expensive purchase was an industrial warehouse at 3920 Space Drive, Vandalia, which sold for $8.84 million from 3920 Space Drive Building 47 LLC to a Louisiana limited liability company, Sealy Space Drive LLC. Another Vandalia purchase was 3904 Image Drive, paired with a building at 2447 E. River Road, Moraine, for $5.83 million.
Also in Vandalia, a warehouse at 3931 Image Drive, with a parcel on Homestretch Road zoned for industrial structures, were purchased for $5.73 million.
In Moraine, properties at 2586 E. River Road, 2260 and 2280 Arbor Blvd., 2594 and 2404 E. River, were purchased, with nearby land and buildings.
Sealy & Co. is a real estate investment company that touts itself as a “recognized leader in acquiring, developing, and redeveloping industrial/flex, regional distribution warehouse and other industrial properties.”
Jason Gandy, managing director, investment services, and Davis Gibbs, director, investment services, led the transaction for Sealy. The CBRE capital markets team in Cincinnati, including Steve Timmel, Jeff Johnston, and Will Roberts, represented the seller Culmen Real Estate Services.
About the Author
Thomas Gnau is a business reporter who joined the Dayton Daily News in 2007. He has reported for daily newspapers in Ohio since 1991.
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