EQT Buys Central Valley Portfolio for $264M
This is the largest sale in the local market’s history.
EQT Real Estate, through its Industrial Value Fund VI, has acquired a 2 million-square-foot industrial portfolio in Manteca, Calif., from CenterPoint Properties. The collection traded for $264 million, according to public records. Colliers brokered the deal on behalf of both parties.
This transaction marked the largest commercial purchase in the market so far this year, and also the biggest sale in the Manteca submarket’s entire history. The portfolio traded below replacement costs, according to the brokers.
The portfolio comprises four fully leased warehouses spanning 135 acres—part of CenterPoint Intermodal Center, a 190-acre park. The properties were built between 2013 and 2019, and their features include 36-foot clear heights and a mix of cross-dock and single-load configurations.
READ ALSO: Why CRE’s Transaction Volume Is So Low
Penske Logistics, Amazon, 5.11 Tactical and CORE Linen are part of the tenant roster. The weighted average lease term stood at 3.21 years at closing and rents were 41 percent below market.
The buildings are:
- 2226 Roth Road, which spans 830,175 square feet and traded for $106.5 million
- 3493 N. Airport Way—746,790 square feet and $94.5 million
- 3201 N. Airport Way—404,657 square feet and $53.5 million
- 2365 N. Airport Way—60,150 square feet and $9.5 million
The properties have direct access to the Union Pacific Lathrop Intermodal Yard and are about 5 miles from Stockton Metropolitan Airport, as well as roughly 64 miles from the Port of Oakland. Thoroughfares such as Interstate 5 and California routes 99 and 120 run within approximately 3 miles.
Colliers Vice Chairs Michael Goldstein, Ryan McShane and Kendall, together with Senior Vice Presidents Gian Bruno, Nick Mascheroni and Executive Vice Presidents Alex Hoeck and Wes Widmer, as well as Vice President Kenny Patricia and Associate Kylie Jones brokered the deal. Executive Vice President Jeremy Thornton and Senior Vice President Nicole Sayers assisted with debt strategies.
Central Valley becomes more attractive for investors
Including EQT’s transaction, which closed in late June, Central Valley’s industrial investment volume clocked in at $742.3 million during the first half of 2025, marking a 46.2 percent increase year-over-year, according to Yardi research data.
CenterPoint’s transaction volume accounted for nearly half of the total, as the company also sold a 935,120-square-foot asset in Lathrop, Calif., earlier in the spring. The property traded for $85 million.
Yardi research data shows roughly 8.7 million square feet of product changed hands in Central Valley during the first two quarters—more than double last year’s figure during the same period. With this uptick in sales, the average price per square foot decreased. The figure stood at $85.1 for sales recorded in this period, down 27.5 percent from 2024’s first half, the same source shows.
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