Sealy seals $15M deal: fully leased NW Business Park in Houston

​​​HOUSTON – Sealy & Co., on behalf of the company’s investment offering Sealy Strategic Equity Partners (SSEP), acquired the Northwest Point Business Park in Houston from EastGroup Properties Inc.

On February 12, 2016, EastGroup sold its Northwest Point Distribution and Service Centers in Houston. The sale of the properties, which contain 232,000 sf, generated gross sales proceeds of approximately $15.6 million.

The Company expects to record a gain on the sale in the first quarter of 2016.

Northwest Point consists of four institutional-grade light industrial buildings on Brittmoore Rd. at the intersection of Hwy. 290 and Beltway 8 in northwest Houston. 

Currently fully leased, the park is home to ten tenants with the average tenant having occupied its space for more than three years.

Suite sizes range from 4,695 to 76,880 sf. 

The park is situated in the West Outer Loop, one of Houston’s strongest submarkets in recent years and an area that currently sports a vacancy rate of 4.7 percent.

See EDGAR SEC filing​.