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Sealy Strategic Equity closes part of industrial property portfolio sale

Sealy Strategic Equity Partners LP sold a 16.3 million-square-foot industrial property portfolio to DRA Advisors LLC for $908.5 million.

The Sealy & Co. LLC-sponsored investment fund said the recently closed transaction represents the bulk of its 18.1 million-square-foot portfolio sale and includes 106 industrial buildings.

The company expects to distribute the sale proceeds to investors in January 2020. It aims to sell the remaining portfolio assets in the first half of 2020, with additional liquidating distributions to follow.

CBRE National Partners was lead real estate adviser to Sealy Strategic Equity, while Goldman Sachs & Co. LLC was lead financial adviser and KeyBanc Capital Markets was also financial adviser. Morris Manning & Martin LLP was legal counsel to the company.