EQT Exeter Real Estate Income Trust, Inc. announced two strategic acquisitions, 3327 E Harrisburg Pike in Middletown, #Pennsylvania for over $170 million and 1500 Shoals Way in #Portland, Tennessee for $75 million. Both industrial properties were constructed last year and are fully leased by commercial tenants with each property carrying a 10+ year lease.
Capitalizing on its fresh start and lack of legacy issues, EQRT continues to pursue strategic acquisitions in line with market dynamics and in key U.S. submarkets seeing long-term growth.
The 1,200,000+ square-foot central Pennsylvania property is strategically positioned near the regional hubs of two major American shipping carriers and within a 5-mile radius of Harrisburg International Airport and the Norfolk Southern Rutherford Railyard. Due to this expansive transport and interstate highway network, the property lies in a critical distribution hub that offers easy access to the northeast U.S. population, including major coastal markets from Boston to #Washington, DC.
The 638,000+ square-foot Tennessee property is located near multiple highways. Half of the U.S. population lives within 650 miles or a 1-day trucking distance, including Nashville, one of the fastest growing markets in the U.S. Accessibility to both customers and prospective employees, in addition to advanced, onsite manufacturing capabilities, are important factors for industrial properties as some commercial tenants prioritize nearshoring their operations and expanding their local manufacturing footprint.
“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. “We remain committed to our tenant-centric, vertically-integrated strategy. ”
EQRT acquired the Pennsylvania and Tennessee properties with 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, in addition to proceeds from debt financings.
EQRT is externally advised by Exeter Property Group, LLC (“EQT Exeter”), the real estate division of EQT AB, a purpose-driven global investment organization. EQRT focuses on properties that can leverage EQT Exeter’s scale and long-standing direct leasing relationships with Fortune 1000 companies. EQRT will generally seek to invest approximately 80% in properties with business tenants, such as industrial or life science properties, and approximately 20% in #realestate assets with consumer users, such as multifamily or self-storage properties.
EQT Group
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