EQT Exeter Makes 1M SF Industrial Purchase in Northern California
EQT Exeter is continuing to remain active with acquisitions. The investment manager through its EQT Exeter Industrial Value Fund VI has bought two industrial buildings in Northern California that take up more than a million square feet.
The properties are located in Napa Valley, with a leading food and beverage firm occupying 337,000 square feet of space. The lease term remaining is greater than 10 years.
Both buildings host "advanced building and site designs" that lure in specialized operators involved with traditional logistics, according to a statement from EQT. Also, temperature-controlled improvements could be implemented on the sites too, the company noted.
The assets are nearby production hubs and a regional consumer base. Plus, the properties offer access to the metro areas of Sacramento, San Jose, San Francisco, and the entire West Coast. The industrial assets are designed to support the food and beverage sector in Northern California.
To ensure the portfolio acquisition meets the needs of the area, EQT plans to utilize its local office to establish relationships. The firm said the properties are positioned to "attract top tier tenants" thanks to the leasing options offered.
"EQT Exeter is committed to delivering spaces that not only meet the complex needs of today's industrial and logistics users, but anticipate the evolving demands and growth ambitions of a variety of tenants, " Jeremy Hamaoui, Northern California investment and leasing officer at EQT, said.
"This acquisition reflects our ongoing strategy of investing behind high-quality properties in attractive markets while maintaining a tenant-focused approach to asset management."
The move comes after EQT just last month bought a Washington State industrial property for $81.5 million. This summer, the company acquired two industrial properties, one in Pennsylvania, and the other in Tennessee for a combined $245 million. In the last year, the Philadephia-based firm said it has purchased more than $8 billion worth of logistics assets, spanning more than 60 million square feet.
In California, Governor Gavin Newsom recently signed legislation that imposes restrictions on industrial development. This includes minimum distance requirements between loading bays and properties, as well as new building standards for landscaping buffers, signage, and parking, which affects developments after January 1, 2026.
Ryan Sitov of JLL advised EQT on its latest acquisition.
Source: GlobeSt/ALM