Sealy Buys New Distribution Center Near Oklahoma City’s Will Rogers Airport

admin  /   May 2022

Investor Adds Fully Leased Property to Holdings

Sealy & Co. nabbed its latest investment in Oklahoma City with the purchase of a soon-to-be-completed warehouse just north of Will Rogers World Airport.

The industrial real estate owner and developer completed an off-market deal with Investment & Development Ventures to buy the complex at 3700 S. Purdue Ave. Sealy paid $19.7 million, or nearly $103 per square foot, for the property, according to public record.

The building is being developed at the corner of Purdue Avenue and Southwest 36th Street, about a half-mile north of Highway 152 and roughly 2 miles from interstates 40 and 44.

The complex is already fully leased to two tenants. Complemar, a New York-based logistics firm that specializes in fulfillment, packaging, warehousing and returns management, signed a 129,580-square-foot lease last year to anchor the property in one of the largest industrial deals of the third quarter.

Also signing on to the property was Daltile, a manufacturer and distributor of porcelain tile, ceramic tile and natural stone that agreed to take the remaining space late last year. The company’s 62,620-square-foot lease was also recognized as a top industrial deal for the fourth quarter.

“Knowing the limited pool of competing products in the overall OKC market and the development constraints in the Southwest submarket, we believe this acquisition was a strategic addition to our growing portfolio,” Scott P. Sealy, Jr, Sealy & Co.’s chief investment officer, said in a statement.

The sale comes as Oklahoma City’s industrial market continues to thrive, carrying its momentum from last year into 2022. With continued growth in the industrial segment expected over the next few years, price appreciation should continue to grow at a healthy rate.

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