Sealy & Co. has acquired the Mid States Industrial Portfolio, a 1.1 million-square-foot assemblage of commercial property in Dayton, Ohio, Sealy introduced Monday. The vendor was native agency Culmen Actual Property Companies, a Sealy spokesperson instructed Industrial Property Government.
The transaction’s greenback worth was not disclosed.
The portfolio is 85 p.c occupied by a diversified roster of twenty-two tenants. The buildings are of concrete tilt-up building and reportedly had been bought at a major low cost to alternative value.
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The property are in two separate submarkets alongside I-75, Moraine and Airport/Vandalia, the previous serving the south finish of the Dayton market and Airport/Vandalia offering industrial provide within the north.
Sealy’s Jason Gandy, managing director of funding providers, and Davis Gibbs, director of funding providers, led the transaction for Sealy & Co. John Hassler of Newmark represented the vendor.
Midwestern stability
Dayton’s industrial market continues to point out sturdy fundamentals, with almost 2.0 million sq. ft of web absorption to date this 12 months, in line with first-half 2022 figures from CBRE.
The native building pipeline totals about 3.5 million sq. ft of commercial initiatives, which is 38 p.c larger year-over-year and one of many largest figures on document for the realm.
CBRE additionally studies that emptiness declined 30 foundation factors within the first half to three.9 p.c, and the typical lease charge elevated to $4.94 per sq. foot.
Sealy has been fairly energetic simply up to now couple of quarters, in a wide range of markets.
In April, the corporate acquired a 437,580-square-foot logistics facility within the Columbus, Ohio, metro.
Then in June, Sealy purchased a pair of 300,000-square-foot logistics buildings within the western suburbs of Detroit.
And in August, the corporate introduced two acquisitions: two logistics amenities totaling 841,849 sq. ft, in Lakeland, Fla., within the Tampa space, in a $98 million deal, and a 70,00-square-foot distribution facility in Kansas Metropolis, Mo.
