Sealy & Co. Acquires Memphis Assets

6332 Commercial Drive and 6356 Commercial Drive. Image courtesy of Sealy & Co.

Sealy & Co. has acquired two Memphis, Tenn., Class A industrial properties for an undisclosed price. The two industrial properties total 466,476 square feet and are fully occupied. Scannell Properties sold the buildings.

The assets are situated at 6332 Commercial Drive and 6356 Commercial Drive in Desoto County. Amenities in both of the rear loading buildings include dock high and grade level loading, 32-foot clear heights, 130-foot truck courts, LED lighting, employee parking and ESFR fire systems.

Each property was built with a multi-tenant layout and multiple storefronts. According to CommercialEdge data, 6332 Commercial Drive was completed in 2021. The industrial building has 249,436 square feet, situated on 11.05 acres of land. Similarly built in 2021, 6365 Commercial Drive totals 217,040 square feet on 21.72 acres of land, CommercialEdge data shows.

Providing access to Highway 78, the industrial assets are in proximity to the BNSF Intermodal Yard, the global FedEx sorting and handling hub and the Memphis International Airport. The properties benefit from a large labor pool, with 24 percent of the workforce within 20 miles of the buildings working in the transportation and warehousing industries.

In prepared remarks, Jason Gandy, managing director of investment services for Sealy & Co., said that following this deal, Memphis has become the largest market by square footage in the company’s portfolio. St. Louis and Dallas have the next biggest footprints.

Frank Fallon with CBRE brokered the deal for Scannell Properties, while Gandy and Davis Gibbs, director of investment services, arranged the transaction on behalf of Sealy & Co.

Memphis-area industrial investments

CommercialEdge data shows that Sealy & Co. has more than 20 properties in the Memphis area. In proximity of the newly acquired assets, the company owns an industrial building at 3893 Crowfarn. The property includes 110,173 square feet and is also 100 percent occupied.

Outside of Memphis, Sealy & Co. has recently expanded its portfolio with the purchase of a 185,475-square-foot industrial asset in Little Rock, Ark. The warehouse was completed in 1986 and was the company’s second investment in Little Rock after another acquisition in 2021.