GREENVILLE, SC – Blackstone sold a 1.2 million square foot industrial warehouse and distribution portfolio here for an undisclosed price. Sealy & Co. acquired the eight fully rented buildings, which are located in the Greenville-Spartanburg industrial market along the I-85 corridor.
Blackstone has amassed a formidable industrial portfolio in recent years, while occasionally reducing its portfolio in one-off businesses like this.
As for Sealy & Co., this acquisition marks its biggest in 2020, the second largest in its history and the first in South Carolina, which now accounts for the third largest square footage in Sealy’s portfolio, behind Dallas and Memphis.
Historically, Sealy has invested in properties close to its roots in northern Louisiana and Texas, but has expanded its investment strategy to include properties across much of the United States. Sealy now owns properties 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 buy Blackstone’s assets.