EQT Sells 10.5 MSF Logistics Portfolio
The collection contains properties in 10 Southeast markets.
An affiliate of LBA Realty has acquired a 46-building logistics portfolio spanning roughly 10.5 million square feet from EQT Real Estate Industrial Value Fund V. The sale price for the transaction, which included properties across 10 Southeast markets, was not disclosed.
While EQT Real Estate did not release specific addresses for the properties, the global investment firm said they are situated in some of the Southeast’s most attractive logistics markets such as Charlotte, N.C.; Greensboro, N.C.; Greenville-Spartanburg in South Carolina; Atlanta; Savannah, Ga.; Tampa, Orlando and Jacksonville in Florida; and Birmingham and Huntsville in Alabama.
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The logistics assets were leased and managed by EQT Real Estate local teams. The Class A properties average about 230,000 square feet and support a diverse tenant base and uses including third-party logistics, last-touch operations, regional distribution and advanced manufacturing.
Each of the markets continues to experience strong population growth. They are located in areas with strong port, intermodal and interstate connectivity, including the Port of Savannah, Inland Port Greer and the corridors of interstates 85, 95, 75, 20 and 4.
JLL Senior Managing Directors John Huguenard and Trent Agnew, along with Senior Director Will McCormack, advised the seller.
Second Southeast deal
In June, EQT purchased a three-property, 2.4 million-square-foot Southeast portfolio through its EQT Real Estate Industrial Value Fund VI from an affiliate of Brookfield. The Class A properties are located in Savannah, Jacksonville and Lakeland, Fla. All three properties have access to critical transportation infrastructure and are fully leased.
Matthew Brodnik, global chief investment officer at EQT Real Estate, said in prepared remarks that the logistics demand has increased in the Southeast region along with population growth and new industry.
Busy month for EQT
The latest disposition comes just two weeks after EQT Real Estate sold Central Logistics Portfolio, a 20-asset, 4.4-million-square-foot collection of properties in Kentucky, Ohio, Missouri and Illinois for approximately $400 million to Almanac Realty Investors and SparrowHawk.
About half of those properties are located in St. Louis with other assets in Cincinnati; Cleveland; Columbus, Ohio; Dayton, Ohio; and Louisville, Ky. The portfolio was 94 percent leased at closing with a mix of national and regional firms operating in logistics, distribution, manufacturing, e-commerce and pharmaceutical industries.
And last week, an affiliate of EQT Real Estate agreed to purchase a 22-property Southern California industrial portfolio from Rexford Industrial Realty for approximately $1.2 billion. The transaction is expected to close at the end of the third quarter.
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