Sealy & Co. sold property at 6500 Bowden Road to DRA Advisors LLC for almost $23.48 million, according to a deed recorded Dec. 26.
DRA Advisors LLC, based in New York City, bought the property through G&I X Industrial FL LLC.
The deed image was not posted online as of Dec. 26, so it was not clear which specific properties were included in the sale.
Sealy Bowden Buildings L.L.C. has owned four office and flexible warehouse buildings totaling 208,640 square feet on 24.2 acres at 6500 Bowden Road, records indicate.
The one-story structures, from 45,440 to 58,400 square feet, were built in 2000, records show. The property is at southeast Bowden and Salisbury roads.
Sealy & Co. is based in Shreveport, Louisiana. It paid $17.65 million for the property in 2005. The assessed value is $13.16 million.
Sealy Strategic Equity Partners LP announced Dec. 17 that it completed a $908.5 million transaction with DRA Advisors for 106 industrial buildings totaling 16.3 million square feet of space.
Sealy & Co. sponsors the investment fund.
Details were not available whether the 6500 Bowden Road property was part of that deal.
Sealy Strategic Equity Partners said the disposition represented most of the fund’s portfolio of 18.1 million square feet of industrial property. It said the deal was the first of three planned liquidating distributions to investors.
Sealy Strategic Equity Partners said it expects to distribute proceeds from the sale to its investors in January. It said it would sell the rest of the assets in the first half of 2020.
It announced that CBRE National Partners served as its lead real estate adviser in the transaction. Goldman Sachs & Co. LLC served as lead financial adviser and KeyBanc Capital Markets also acted as a financial adviser. Morris, Manning & Martin LLP was legal counsel.
Sealy Strategic Equity Partners said it bought the 106 industrial warehouse buildings between November 2012 and December 2018 in distribution hubs in 16 markets in the Southeast, Southwest and Midwest.
“Since the 1970s, we have invested in select industrial properties in search of quality risk-adjusted returns,” said Michael Sealy, executive vice president of capital markets for Sealy and Company, in the release.
“We believe those opportunities exist today and may continue for some time into the future.”
The DRA Advisors website shows several Jacksonville holdings, including two buildings at 6500 Bowden Road, but it does not reflect any square footage at the address.
DRA Advisors describes itself as an investment adviser specializing in real estate investment and management services for institutional and private investors. It has $10 billion in assets under management.