Acquisitions include 1.2M+ square-foot property in Middletown, PA for over $170M and 630,000+ square-foot property in Portland, TN for $75M
PHILADELPHIA, Aug. 19, 2024 /PRNewswire/ -- EQT Exeter Real Estate Income Trust, Inc. ("EQRT") today announced two strategic acquisitions, 3327 E Harrisburg Pike in Middletown, Pennsylvania for over $170 million and 1500 Shoals Way in Portland, Tennessee for $75 million. Both industrial properties were constructed last year and are fully leased by commercial tenants with each property carrying a 10+ year lease.
Capitalizing on its fresh start and lack of legacy issues, EQRT continues to pursue strategic acquisitions in line with market dynamics and in key U.S. submarkets seeing long-term growth.
The 1,200,000+ square-foot central Pennsylvania property is strategically positioned near the regional hubs of two major American shipping carriers and within a 5-mile radius of Harrisburg International Airport and the Norfolk Southern Rutherford Railyard. Due to this expansive transport and interstate highway network, the property lies in a critical distribution hub that offers easy access to the northeast U.S. population, including major coastal markets from Boston to Washington, DC.
The 638,000+ square-foot Tennessee property is located near multiple highways. Half of the U.S. population lives within 650 miles or a 1-day trucking distance, including Nashville, one of the fastest growing markets in the U.S. Accessibility to both customers and prospective employees, in addition to advanced, onsite manufacturing capabilities, are important factors for industrial properties as some commercial tenants prioritize nearshoring their operations and expanding their local manufacturing footprint.
"EQRT is investing in America's supply chain and will continue to focus on acquiring industrial real estate that supports the growth ambitions of our commercial tenants, which include major distributors and manufacturers," said Ali Houshmand, EQRT Portfolio Manager. "We remain committed to our tenant-centric, vertically-integrated strategy."
EQRT acquired the Pennsylvania and Tennessee properties with proceeds from the sale of $91,200,000 Class E units of its operating partnership to EQT Exeter Holdings US, Inc., an affiliate of EQRT's sponsor, in addition to proceeds from debt financings.
EQRT is externally advised by Exeter Property Group, LLC ("EQT Exeter"), the real estate division of EQT AB, a purpose-driven global investment organization. EQRT focuses on properties that can leverage EQT Exeter's scale and long-standing direct leasing relationships with Fortune 1000 companies. EQRT will generally seek to invest approximately 80% in properties with business tenants, such as industrial or life science properties, and approximately 20% in real estate assets with consumer users, such as multifamily or self-storage properties.
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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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The following files are available for download:
https://mb.cision.com/Main/87/4025601/2949317.pdf | PR_EQRT Acquisitions Middletown and Shoals_0190824 |
https://news.cision.com/eqt/i/shoalsway092223-210,c3325138 | ShoalsWay092223 210 |
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