GREENVILLE, SC—Blackstone has sold a 1.2 million square foot industrial warehouse and distribution portfolio here for an undisclosed price. Sealy & Co. acquired the eight fully-leased buildings, which are located within the Greenville-Spartanburg Industrial market along the I-85 corridor.
Blackstone has amassed a formidable industrial portfolio in the past few years, while occasionally pruning its portfolio in one-off deals such as this one.
As for Sealy & Co., this acquisition marks its largest in 2020, the second largest in its history, and the first in South Carolina, which now accounts for the third most square footage in Sealy’s portfolio behind Dallas and Memphis.
Historically, Sealy has invested in property close to its Northern Louisiana and Texas roots, but has broadened its investment strategy to include properties across much of the US. Sealy now owns property in Dallas, Atlanta, Houston, Shreveport, LA, Memphis, Kansas City, MO, St. Louis, El Paso, Lexington, KY, Columbus, Oklahoma City, and Baton Rouge, LA.
The deal was led by Scott P. Sealy, Jr. and Jason Gandy, chief investment officer and managing director of Investment Services, respectively, and supported by senior analyst Christopher Martin. The team worked with Trey Barry of CBRE National Partners to purchase the assets from Blackstone.