Sealy & Company has announced its acquisition of nearly 15 acres of land in East Houston Nov. 9, purchased in order to construct a new Class-A industrial distribution facility.
The new distribution facility will be a Park 225 development and is set to be the fourth in a series of JV developments by Sealy's partnership with Investment & Development Ventures, LLC, according to BusinessWire.
"Sealy’s focus on developing deep industry relationships coupled with our creative strategies and entrepreneurial spirit led to the formation of the IDV joint venture partnership. This partnership marries Sealy’s financial capacity and expertise with IDV’s focus on opportunistic acquisitions of land and development and will result in delivering valuable investments in the marketplace," said Scott P. Sealy Jr., Sealy & Company's Chief Investment Officer, according to BusinessWire.
Located at 4113 Greenshadow Dr. in the southeast Houston submarket, the new facility is expected to be finished in the fourth quarter of next year, 2022. As part of the southeast Houston submarket, Sealy & Company will have access to the Houston Ship Channel and the Port of Houston, which is the largest port on the Gulf of Mexico and the No. 1 U.S. port in total foreign and domestic waterborne tonnage, according to BusinessWire.
“IDV is excited to continue our great partnership with Sealy & Company, and we look forward to delivering another best-in-class development at Park 225,” said Tim Harrington, CFO & Principal for Investment and Development Ventures, according to BusinessWire.
Park 225 will offer prospective tenants flexibility in size, configuration, and ample trailer and auto parking within the entirety of the area owned by Sealy & Company, according to BusinessWire. In addition to Park 225, Sealy & Company and IDV have previously partnered to develop over 924,000 square feet of industrial property at Thompson 10 Logistics Center and Park 505 in the Houston, Tex. market.
Sealy & Company is a fully-integrated commercial real estate investment and operating company that is known for acquiring, developing, and redeveloping regional distribution warehouses, industrial facilities and other commercial properties.
