{"id":1004522482,"date":"2021-04-19T03:35:54","date_gmt":"2021-04-19T11:35:54","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004522482"},"modified":"2022-04-26T01:05:46","modified_gmt":"2022-04-26T09:05:46","slug":"sealy-co-s-first-detroit-acquisition","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sealy-co-s-first-detroit-acquisition\/","title":{"rendered":"Sealy & Co.\u2019s First Detroit-Area Acquisition"},"content":{"rendered":"
\"\"<\/a>

4400 Matthew Drive. Image courtesy of Sealy & Co.<\/em><\/p><\/div>\n

Sealy & Co. has acquired a 407,500-square-foot distribution warehouse at 4400 Matthew Drive in Flint, Mich., for an undisclosed amount. The seller was Schostak Brothers.<\/p>\n

\n

READ ALSO<\/strong>: Partners Group Strikes $1B Industrial Deal<\/a><\/p>\n

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The 21-acre site is in Linden Creek Commerce Park, which is adjacent to Flint\u2019s Bishop International Airport and close to the intersection of I-69 and I-75.<\/p>\n

The property is fully leased to General Motors as a long-time tenant, which apparently uses the building as part of its truck manufacturing operations.<\/p>\n

In a prepared statement, Sealy noted that the building is of a size that\u2019s rare in this market and that it \u201cfar exceeds the typical product size of 180,000 square feet.\u201d<\/p>\n

The acquisition, Sealy\u2019s first in the Detroit market, means that the company has expanded its holdings into 18 target markets across the U.S.<\/p>\n

The transaction was facilitated by Sealy\u2019s Investment Services team and JLL brokers Ed Halaburt and Sean Devaney.<\/p>\n

In the statement, Sealy & Co. Chief Investment Officer Scott Sealy Jr. noted that 2021 marks the company\u2019s 75th anniversary and that Sealy & Co. has now focused specifically on industrial investments for more than 60 years.<\/p>\n

Recovering substantially<\/h2>\n

So far this year, the metro Detroit industrial market\u2019s overall vacancy has increased to 4.9 percent, driven largely by new speculative construction, according to a first-quarter report from Newmark. Still, nearly half of the newly delivered product is already occupied, and much of the rest has leases pending.<\/p>\n

The metro area\u2019s unemployment is gradually falling from its high of 24 percent last May, to 5.4 percent in January. That\u2019s in comparison to 4.3 percent before the pandemic\u2019s onset, again according to Newmark.<\/p>\n

Pandemic notwithstanding, Sealy has been a steady and significant purchaser of industrial assets across the country, having acquired a 1.2-million-square-foot industrial portfolio<\/a> in Greenville, S.C., from Blackstone last August; a 1 million-square-foot distribution facility<\/a> in the Metro East market of St. Louis in December; and most recently a 663,800-square-foot distribution warehouse<\/a> in Houston.<\/p>\n","protected":false},"excerpt":{"rendered":"

The distribution warehouse is fully leased to General Motors. <\/p>\n","protected":false},"author":882,"featured_media":1004528274,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1495,21808,21748,13,21742],"tags":[33192,32796,50999,44645,33298],"class_list":["post-1004522482","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-detroit","category-featured","category-industrial","category-midwest","category-latest","tag-general-motors","tag-jll","tag-newmark","tag-schostak-brothers-company-inc","tag-sealy-company"],"acf":[],"yoast_head":"\nSealy & Co.\u2019s First Detroit-Area Acquisition - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/sealy-co-s-first-detroit-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sealy & Co.\u2019s First Detroit-Area Acquisition\" \/>\n<meta property=\"og:description\" content=\"The distribution warehouse is fully leased to General Motors.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/sealy-co-s-first-detroit-acquisition\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-19T11:35:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-26T09:05:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/4400-Matthew-Drive-Flint-Mich.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sealy-co-s-first-detroit-acquisition\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/sealy-co-s-first-detroit-acquisition\/\",\"name\":\"Sealy & Co.\u2019s First Detroit-Area Acquisition - 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