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Posted: February 24, 2014
Sealy & Company enters joint venture with AEW Capital
Sealy & Company, a fully integrated commercial real estate investment and operating company headquartered in Dallas, revealed a formed joint venture with global real estate investment management firm, AEW Capital Management. AEW formed the joint venture on behalf of AEW Partners VII, L.P., the seventh in AEW's opportunistic fund series.
The joint venture seeks to acquire value-add industrial assets in the Southwest and Southeast United States. The initial investments include a 20-building industrial portfolio in Texas and a class A industrial property in Atlanta, GA. The 1.9 million s/f industrial portfolio is 91% leased and is comprised of warehouse/distribution and flex properties, with the majority of properties located in Dallas-Fort Worth area, specifically Addison, Carrollton, along Stemmons Freeway, and the northwest Dallas submarket.
Additionally there are four properties located in Houston, San Antonio, and Atlanta.
Given the alignment of AEW and Sealy's investment philosophies and their deep understanding of the industrial real estate market in Texas, the two companies found this joint venture to be a solid fit.
"We were pleased with the timing and the opportunity this JV afforded both our companies" said Scott Sealy Jr, Vice President and Business Development. "We were able to quickly acquire a portfolio with stable cash flow, market diversity, and a good mix of tenants - in submarkets that are exhibiting strong leasing velocity".
The JV will focus on assets and portfolios in major industrial markets with a defined investment size between $5 to $100 million.
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