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Sealy & Company has purchased a 267,000-square-foot industrial facility that spans across 14.8 acres in Houston.
The real estate investment and operating company acquired the parcel at Park 225 with Investment & Development Ventures, LLC as their joint partner.
"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," Sealy & Company's Chief Investment Officer Scott Sealy, Jr. said, according to Businesswire. "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."
Once completed, the Park 225 development will be the fourth in a series of JV developments by Sealy's partnership with Investment & Development Ventures, LLC. Thompson 10 Logistics Center, Park 505 in the Houston area and a current project at a property located at OKC Airport Industrial are other ventures the partners have linked up for.
The facility, which is at 4113 Greenshadow Drive in the Southeast Houston submarket, is expected to be finished in the fourth quarter of next year, according to Businesswire.
Park 225 will offer prospective tenants flexibility in size, configuration and ample trailer and auto parking, 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,” CFO & Principal for Investment & Development Ventures Tim Harrington said, according to Businesswire.
Sealy & Company focuses on the acquisition and development of commercial properties including distribution warehouses and industrial/flex. The company has eight offices with headquarters in Dallas, Texas and Shreveport, Louisiana, according to Businesswire.
For more information on Sealy & Company, click here.
Investment & Development Ventures is based in Houston and focuses on real estate investment, management and development.
For more information on Investment & Development Ventures, click here.