{"id":1004733884,"date":"2024-10-22T02:01:41","date_gmt":"2024-10-22T10:01:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004733884"},"modified":"2024-10-22T05:42:15","modified_gmt":"2024-10-22T13:42:15","slug":"eqt-exeter-buys-phoenix-industrial-portfolio-for-143m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/eqt-exeter-buys-phoenix-industrial-portfolio-for-143m\/","title":{"rendered":"EQT Exeter Buys Phoenix Industrial Portfolio for $143M"},"content":{"rendered":"\n

Link Logistics has sold the Phoenix Gateway portfolio, a six-building industrial collection totaling about 860,200 square feet in Phoenix. EQT Exeter paid $143.2 million for the assets in all-cash transactions, public records show.<\/p>\n\n\n

\n
\"Aerial<\/a>
The Phoenix Gateway portfolio comprises six industrial buildings that came online in the 1980s and 1990s. Image courtesy of Cushman & Wakefield<\/em><\/figcaption><\/figure><\/div>\n\n\n

Located in the Airport submarket, the facilities were fully leased at the time of sale by a total of eight tenants with staggered lease expirations. The properties are 1980s and ’90s vintage, with spaces ranging from 37,000 square feet to 220,000 square feet. <\/p>\n\n\n\n

The new owner plans to upgrade the buildings by air conditioning the warehouse space, adding LED lighting and renovating office suites as leases roll throughout the portfolio.<\/p>\n\n\n\n

\u201cThis asset class is well-positioned for continued rent increases, driven by high demand and limited supply,\u201d Cushman & Wakefield’s Molly Hunt told Commercial Property Executive<\/em>. \u201cThe ability to raise rents across the portfolio is a direct reflection of how desirable this product type has become in the market.\u201d<\/p>\n\n\n\n

\n\n\n\n

READ ALSO:<\/strong> E-Commerce Growth Revives Industrial Market<\/a><\/p>\n\n\n\n

\n\n\n\n

Hunt, along with colleagues Will Strong and Michael Matchett, all of the firm\u2019s National Industrial Advisory Group-Mountain West, represented Link Logistics. In addition, Cushman & Wakefield\u2019s Mike Haenel provided market leasing advisory in the sale.<\/p>\n\n\n\n

EQT has about $266 billion in total assets under management in two business segments, private capital and real assets. The firm owns portfolio companies and assets in Europe, Asia Pacific and the Americas.<\/p>\n\n\n\n

EQT Exeter has nearly $30 billion of equity under management, and is on an industrial buying spree. Earlier this month, the company acquired a 312,604-square-foot, three-building portfolio<\/a> in Seattle and Portland, Ore., for $49.9 million. It has also recently bought a last-mile asset in metro Seattle<\/a> for $82 million and an industrial property in Streetsboro, Ohio<\/a>, near Cleveland.<\/p>\n\n\n\n

Supply still outpacing demand in Phoenix industrial<\/h2>\n\n\n\n

The Phoenix industrial market turned in an overall vacancy rate of 11.5 percent in the second quarter of 2024, a quarterly increase of 90 basis points, according to Cushman & Wakefield. The vacancy rate has continued to rise\u2014as it has in recent quarters\u2014due to continued supply growth and an increase in sublease availability. Even so, the overall average asking rate eked out a 1.9 percent increase quarter-over-quarter to $1.08 per square foot.\u00a0<\/p>\n\n\n\n

Phoenix\u2019s construction pipeline remains the largest in the U.S., Cushman & Wakefield reports, with 35.4 million square feet underway. The warehouse\/distribution sector dominates the development pipeline, with about 20.8 million square feet under construction. <\/p>\n\n\n\n

Industrial vacancy in the Airport submarket of Phoenix stood at 6.2 percent in Q2 2024, the same report shows, and has seen nearly 1.4 million square feet of new leasing activity through the first half of 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"

The investor has confidence in the continued health of this key submarket.<\/p>\n","protected":false},"author":1023,"featured_media":1004733902,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,21742,1601,15],"tags":[32799,51502,51531],"class_list":["post-1004733884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-latest","category-phoenix","category-west","tag-cushman-wakefield","tag-eqt-exeter","tag-link-logistics"],"acf":[],"yoast_head":"\nEQT Exeter Buys Phoenix Industrial Portfolio for $143M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"EQT Exeter purchased the Phoenix Gateway portfolio, a six-building industrial collection in Phoenix, from Link Logistics.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/eqt-exeter-buys-phoenix-industrial-portfolio-for-143m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EQT Exeter Buys Phoenix Industrial Portfolio for $143M\" \/>\n<meta property=\"og:description\" content=\"EQT Exeter purchased the Phoenix Gateway portfolio, a six-building industrial collection in Phoenix, from Link Logistics.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/eqt-exeter-buys-phoenix-industrial-portfolio-for-143m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-22T10:01:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-22T13:42:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Phoenix-Gateway-edited.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1865\" \/>\n\t<meta property=\"og:image:height\" content=\"1400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dees Stribling\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/eqt-exeter-buys-phoenix-industrial-portfolio-for-143m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/eqt-exeter-buys-phoenix-industrial-portfolio-for-143m\/\",\"name\":\"EQT Exeter Buys Phoenix Industrial Portfolio for $143M - 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