EQT Exeter Real Estate Income Trust acquires 200,000 square-foot industrial property in Seattle for over $80M, bringing total capital deployed to approximately $390M since inception
The transaction represents the REIT's fourth property acquisition since inception
PHILADELPHIA, Oct. 17, 2024 /PRNewswire/ -- EQT Exeter Real Estate Income Trust, Inc. ("EQRT") today announced its fourth acquisition, purchasing 2871 S. 102nd Street in Tukwila, Washington for $81.5 million.
The 202,464 square-foot property is fully occupied by a multinational online retailer with an investment grade credit rating. The last mile industrial building was completed in 2021 and features rare class-A building specifications for its infill South Seattle location.
The property's strategic location offers proximate access to Seattle's growing population, with nearly 4 million people located within a 1-hour drive and an industrial labor force of over 200,000 within a 45-minute drive. Its location also provides connectivity to customers and suppliers via a diverse network of closely located interstate freeways, the Port of Seattle and Seattle International Airport. Interstate 5 borders the South Seattle submarket and runs from Vancouver, B.C. to Mexico, providing access to major population centers along the West Coast.
"South Seattle is a highly sought-after, low-supply infill market with limited developable industrial land, an aging building stock, and strong appetite for warehouse space," said Ali Houshmand, Global Head of Non-Traded REITs at EQT Exeter. "Rapid population growth and increasing e-commerce demand, as well as dynamic emerging industries make this property an ideal regional distribution location to the core of Seattle and surrounding region."
The transaction marks EQRT's fourth acquisition since inception, bringing total capital deployed over the period to approximately $390 million.
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Forward-Looking Statements Disclosure
Statements contained in this press release that are not historical facts are based on EQRT's current expectations, estimates, projections, opinions or beliefs and speak only as of the date hereof. Such statements are not facts and involve known and unknown risks, uncertainties, and other factors. You should not rely on these forward-looking statements as if they were fact. These forward-looking statements can be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "project," "target," "estimate," "intend," "continue," "forecast," or "believe" or the negatives thereof or other variations thereon or other comparable terminology. Actual events or results or EQRT's actual performance may differ materially from those reflected or contemplated in such forward-looking statements as a result of various risks and uncertainties including those relating to future economic, competitive and market conditions and future business decisions by EQRT. No representation or warranty is made as to future performance or such forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by EQRT or any other person that EQRT's objectives and plans, which EQRT considers to be reasonable, will be achieved.
Except as otherwise required by federal securities laws, EQRT does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.
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