EQT Exeter, a global real estate manager based in Radnor, Philadelphia, has recently completed the acquisition of 20 strategically located industrial properties in Minneapolis. The company plans to acquire four more properties in the second quarter of 2024. This transaction marks one of the largest industrial deals in the Twin Cities.
The portfolio includes over five million square feet of bulk, light industrial and last-mile facilities spread across four submarkets within Minneapolis-St. Paul metro area. These properties are currently leased by 54 unique tenants with a leasing rate of approximately 90%. Interestingly, around one-fifth of these tenants are already part EQT Exeter’s existing portfolio.
According to reports from Philadelphia Business Journal , details about sales for thirteen out these twenty-three properties have been made public through real estate filings with Minnesota Department Revenue. The total sale price for all thirteen transactions amounts to over $257 million so far.
The seller is Prologis Inc., a San Francisco-based logistics real estate owner and investor. Eastdil Secured’s Josh McArtor and Caitlin Clinton facilitated this transaction along with assistance from CBRE National Partners’ Michael Caprile and Jusdon Welliver.
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