Sealy & Co. Buys 700 KSF Distribution Center

Detroit industrial center. Image courtesy of Sealy & Co.

Sealy & Co. has purchased a 713,796 square foot Class A distribution facility in Pontiac, Mich. Flint Development built and sold the property, which finished construction this year. A Fortune 25 Domestic Corporation currently fully leases the asset.

This purchase is Sealy & Co.’s second in the Detroit region this year, bringing its total holdings in the market to nearly 2 million square feet. The firm previously acquired AeroPlex One & Two, encompassing some 600,000 square feet of space.

Located at 2100 S. Opdyke Road, the property is situated in Detroit’s biggest industrial submarket. According to The City of Pontiac Michigan, in proximity are several automotive suppliers and manufacturers including United Motors, Jomar Performance, Irvin Automotive Product and General Motors. The asset has access to I-75.

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The distribution facility features 36-foot clear heights, 153 dock doors, four grade level doors, LED lighting, ESFR fire protection and build-to-suit office finish. According to CommercialEdge data, the lot size is 44.5 acres.

Jason Gandy, managing director of investment services, and Davis Gibbs, director of investment services, led Sealy & Co. in the deal while John Hassler with Newmark represented the seller.

Detroit is one of the fastest growing industrial markets in the nation, with year-over-year rent growth at 6.2 percent as of July, only trailing major coastal markets that are heavily reliant on port traffic. Despite that, its construction rate and transaction volumes are near the bottom of the list, the most recent CommericalEdge national industrial report shows.