Sealy & Co. Acquires Fully Leased Houston Asset

KeyBank provided a $50 million line of credit.

Sealy & Co. has purchased Great 290 Distribution Center, a 500,840-square-foot industrial facility in Houston, making use of a $50 million line of credit from KeyBank, public records show. Pagewood sold the property, according to CommercialEdge data. The buyer had in-house representation, while JLL negotiated on behalf of the seller.

Daikin Comfort Technologies is the sole tenant at the property—occupying it entirely—with 3.6 years remaining on the lease term. The indoor HVAC manufacturer also has a 4 million-square-foot plant just 3 miles away.

Great 290 Distribution Center came online in 2023, with the developer benefitting from a $36.1 million construction loan from Prosperity Bank, CommercialEdge also shows.

Features at the Class A warehouse include 106 dock-high loading doors and four drive-in doors, 36-foot clear heights, 280 parking spaces, as well as 185-foot truck courts. The cross-dock building has 130 trailer stalls and pit levelers. Additionally, the property includes 10 acres of developable land.

The facility is at 2120 Field Store Road, 43 miles from downtown Houston. The Port of Houston is some 70 miles southeast, while George Bush Intercontinental Airport is within 49 miles.

Sealy & Co. represented itself in the deal through Director of Investment Services Jason Gandy. JLL’s team included Senior Managing Director Trent Agnew and Senior Director Charles Strauss. Last year, the duo was part of the group that arranged the joint venture equity and construction financing for Hero Way West, a 227,200-square-foot industrial project in Leander, Texas.

Houston investment activity remains solid

According to the latest CommercialEdge industrial report, Houston metro saw some $2.3 billion in assets change hands last year, ranking seventh among the largest markets. These assets traded for an average of $122 per square foot, slightly below the $129 national average.

In July, Dalfen Industrial purchased Fairbanks Logistics Park, a 1 million-square-foot industrial park, from Investment & Development Ventures. Affinius Capital provided a $90.6 million acquisition loan.

A few months earlier, Partners Capital acquired Mitchelldale Business Park, a 377,752-square-foot industrial campus, through its Partners Investment Fund IV. Hartman sold the 12-building complex.

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