Sealy & Co. has acquired a recently completed distribution center in Oklahoma City for $17 million, The Oklahoman reported.
Oklahoma City-based Gardner Tanenbaum Holdings developed the 280,000-square-foot facility for ShurTech Brands L.L.C., a utility tape manufacturing company, which signed a 15-year lease.
Located at I-35 and Britton Road, the distribution center features 36-foot clear-height ceilings and state-of- the-art construction materials. The site offers room for up to 90,000 square feet of expansion.
ShurTech’s new location is about one mile from the facility it occupied previously, a 154,000-square-foot distribution center at I-35 and Hefner Road. Brett Price of Newmark Grubb Levy Strange Beffort represented Gardner Tanenbaum in the transaction.
Sealy acquired the asset through an investment fund, Sealy Strategic Equity Partners. “This is the first step in expanding our footprint into Oklahoma City, which we see as a growing and vibrant secondary market and a prime target for acquisitions,” said Scott Sealy Jr., Vice President of Sealy & Co. ‘’Through SSEP, we continue to seek high quality, stable investments that fit within our Portfolio by Design strategy.’’
The SSEP investment fund has acquired over 1 million square feet of industrial properties its Portfolio By Design strategy.
Image courtesy of Gardner Tanenbaum Holdings