Exclusive: EQT Buys 2 for $88M
Link Logistics and Crow Holdings are the sellers.
EQT has expanded its industrial inventory across Orange County, Calif., and New Jersey through two deals amounting to $87.6 million, according to Yardi Matrix. The company paid $31 million for a 90,975-square-foot asset sold by Link Logistics in Irvine, Calif., and $56.6 million for Crow Holdings’ 220,000-square-foot property in Millstone, N.J.
The duo changed hands for an average price of nearly $282 per square foot, more than doubling the $138 per square foot national average recorded during the first quarter, a Yardi Matrix report reveals. The price was on par with the New Jersey ($292 per square foot) and Orange County ($277 per square foot) markets.
The Orange County shallow-bay industrial property is at 9600 Toledo Way inside the East Irvine Industrial Complex, near the interchange between interstates 405 and 5. Nutrawise, a manufacturer and distributor of health products, occupies the 1999-completed warehouse.
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Over on the East Coast, EQT’s 220,000-square-foot purchase was part of Crow Holdings’ Millstone 8 Logistics Park, a two-building campus. Crow Holdings sold the larger 1 million-square-foot warehouse earlier this year to BGO for $270.4 million.
Located at 505 State Route 33, the 2022-debuted facility is about halfway between Lower Manhattan and downtown Philadelphia. Interstate 95 is less than 6 miles away, connecting to the Port of New York and New Jersey and the Newark Liberty International Airport.
EQT’s industrial shopping spree continues
Across the globe, EQT owns more than 2,000 properties spanning north of 470 million square feet of space. Some of its latest acquisitions include a 25-asset portfolio encompassing 4.3 million square feet, sold by Mapletree for $575 million. That collection also had properties in New Jersey, along with other states such as Florida, Georgia, Tennessee, Virginia and New York.
EQT’s dealings with Blackstone’s Link Logistics also expand beyond Orange County. Just last month, EQT purchased more than 500,000 square feet of industrial product from Link Logistics across nine properties spread across markets such as Miami and Fort Lauderdale, Fla.
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