EQRT Acquires Two Industrial Properties Totaling Over $245M
EQT Exeter Real Estate Income Trust, Inc. (EQRT) acquired two industrial properties, one in Middletown, PA for over $170 million and the other in Portland, TN for $75 million. Both properties were constructed in 2023 and are fully leased, with each property carrying a 10+ year lease.
EQRT acquired the assets using proceeds from the sale of $91,200,000 Class E units of its operating partnership to EQT Exeter Holdings US, Inc., an affiliate of EQRT’s sponsor, as well as debt financings.
The Pennsylvania property is over 1.2 million square-feet and is in a critical distribution hub that offers access to the northeast U.S. population, including major coastal markets from Boston to Washington, DC. The Tennessee property is over 638,000 square feet located near multiple highways.
“EQRT is investing in America’s supply chain and will continue to focus on acquiring industrial real estate that supports the growth ambitions of our commercial tenants, which include major distributors and manufacturers,” said Ali Houshmand, EQRT portfolio manager.
EQRT is an externally managed non-traded perpetual life REIT that aims to invest about 80% in properties with business tenants, such as industrial or life science properties, and approximately 20% in real estate assets with consumer users, such as multifamily or self-storage properties.
Picture courtesy of EQRT