One of the seven North by NorthWest buildings (BusinessWire)
Sealy Strategic Equity Partners announced that its footprint is expanding by another one million square feet.
Sealy recently closed on a seven-building, Class A industrial portfolio totaling 1.1 million square feet, located within the Indianapolis, Ind. commercial market, one of the top U.S. industrial markets. The company’s press release did not specify the sale price.
The assets are commonly known as the North by Northwest Business Park and are located in the renowned Park 100 industrial campus – a site with excellent connectivity to the Indianapolis metropolitan area, as well as the greater Midwest region. The park has two interstate exits that offer immediate accessibility to the I-465 and I-65.
The seven buildings vary in size between 59,000 and 323,000 square feet and are fitted with modern systems. The portfolio is reportedly 92 percent leased, with six of the buildings being multi-tenant properties.
All these attributes fall in line with the Sealy strategy, as stated by VP Scott Sealy Jr.:
“North by Northwest is an infill industrial portfolio with excellent tenancy, strong in-place income streams, and value-add potential in one of SSEP’s target markets. All attributes that enhance Sealy’s Portfolio by Design strategy. The functional buildings are well-positioned in the market due to their modern designs, varied sizes, above-standard features, proximity to interstate freeways, and access to a skilled distribution workforce.”
Park 100 – Flex Space Pioneer
In 1972, Phillip R. Duke, John Wynne and John Rosebrough founded P.R. Duke & Associates. The company started out by acquiring a 324-acre industrial park which grew into the 1,600-acre development that is Park 100 today.
The location was a pioneering concept for growing businesses at the time: “flex space” that combined office, showroom, and warehouse space in one location. The business park is now one of the most desirable locations, not only in the Greater Indianapolis industrial market, but the country.
Alongside the park’s growth, Duke Realty Corp. has expanded into being a leading owner, developer, and manager of industrial and healthcare properties and is active in 21 U.S. markets.
Park 100 map (courtesy of Duke Realty)
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