Sealy & Co. has grown its presence in metropolitan Kansas City with the acquisition of Lone Elm Commerce Center, an approximately 210,500-square-foot industrial facility in Olathe, Kan. A leader in the industrial real estate market, Sealy acquired the Class A distribution warehouse from its developer, Heise-Meyer LLC.
Sealy relied on the assistance of Mark Long and John Hassler of Newmark for representation in the transaction, which was an off-market deal in the increasingly competitive Kansas City investment-sales environment. “Our relationships in the market and our surety of closing are key advantages in competitive markets like we are in today,” Jason Gandy, managing director, investment services, with Sealy & Co., told Commercial Property Executive. “The outstanding Investment Services team we have in place, coupled with our enterprise financing capabilities, allows Sealy & Co. to be in a position to handle multiple and complex transactions simultaneously.”
Part of a larger industrial park fronting Interstate 35, Lone Elm made its debut on a 12-acre site in early 2019. Wesco Distribution later signed on for nearly 99,000 square feet, or approximately 49 percent of the speculative project, including 2.5 acres for outside storage, making it the lead tenant at the premier property. Sealy was drawn to the Finkle + Williams Architecture-designed facility’s aesthetically enhanced office storefront concept, in addition to tenant-alluring amenities such as extensive parking and substantial paved outdoor storage. The building, which also features a high-efficiency rooftop and ample windows, can also be configured to accommodate an underserved group in the area—tenants in need of smaller spaces of 50,000 to 100,000 square feet.
Sealy, which is celebrating its 75th anniversary this year, is committed to continuing its growth, as evidenced by its moves in 2021 thus far. Perhaps most notably, the Kansas City transaction marks the company’s second acquisition in just one week. Only days ago, Sealy announced it had made its entrée into the Detroit market with the purchase of a 407,500-square-foot industrial warehouse. And the company says there’s much more to come. “We expect to expand our footprint in several markets this year,” Gandy said. “Our target markets demonstrate a combination of several attributes, including critical industrial infrastructure, positive demographic trends and strong market fundamentals.”