8 Industrial Parkway in Little Rock
Sealy & Co. announced Friday its acquisition of the 303,369-SF FedEx Ground facility in southwest Little Rock as well as an 80,000-SF distribution warehouse in Flint, Michigan.
The off-market transactions were made for an undisclosed amount and completed days apart.
The Little Rock property at 8 Industrial Parkway previously was last sold in 2016 to Wilark LLC, an affiliate of Realtech Construction Co. of Los Angeles, for $31.7 million.
It was built for the FedEx operation, on almost 45 acres near the intersection of Interstates 30 and 430. It has been fully leased to FedEx since 2016.
“This is a phenomenal asset to add to our portfolio. The location, credit tenancy, and capital strategy for this property are all key components to performing well in the industrial real estate space. We lean heavily on our industry relationships and our reputation of closing deals to continue adding exceptional properties like this one to our portfolio,” Scott Sealy Jr., chief investment officer at Sealy & Co., said in a news release.
The Flint, Michigan, property at 4333 Matthew Drive was also built for its current tenant in 2006. That tenant is a tire and wheel sequencing supplier of automotive components to the neighboring General Motors assembly plant, which is also owned by Sealy & Co.
Sealy & Co. declined to disclose the name of that tenant, but it appears to be Oakley Industries Sub Assembly Division Inc.
“We are glad to add to our Detroit market holdings with this acquisition and look forward to more opportunities to grow our footprint in this market. We are one of the most active industrial real estate investing companies in the country, as evidenced in our track record and evolving pipeline, and look to maintain that status,” Jason Gandy, Sealy & Co.’s managing director of investment services, said in the release.
Sign up for Daily E-news
