EQT Exeter, a global real estate investment manager, announced that the EQT Exeter Industrial Value Fund VI has acquired 20 industrial properties in Minneapolis, Minnesota, from Prologis Inc., with plans to acquire an additional four properties by the final closing date.
The assemblage consists of over five million square feet and features a mix of bulk, light industrial and last mile facilities with an average building size of more than 200,000 square feet. The properties are located across four prime Minneapolis logistics submarkets and offer proximate access to the Interstates 494 and694 beltway around the Minneapolis-St. Paul Metropolitan Area. The properties also reflect in-demand building specifications and functional designs required by today’s modern, blue-chip tenants, the company said. The properties are 90% leased by 54 unique tenants, of which approximately 20% are existing tenants within EQT Exeter’s portfolio.
“This transaction highlights our continued conviction in the industrial sector and reflects our keen asset selection and ability to swiftly execute on compelling small-, medium-, or large-scale opportunities in today’s market, while many of our peers stay on the sidelines,” said Matt Brodnik, partner and chief investment officer at EQT Exeter. “EQT Exeter is well-positioned to unlock the inherent value of these functional, well-located assets through our extensive network of `hyper-local’ real estate professionals that provide real estate solutions to over 1,200 corporate tenants globally. In opening our 28th U.S. office in Minneapolis, we plan to locally serve many of our existing tenants and leverage our in-house leasing and property management teams to upgrade, reposition and re-lease the assemblage.”
The entire transaction is expected to close during the second quarter of 2024, subject to customary closing conditions.
Josh McArtor and Caitlin Clinton of Eastdil Secured arranged the transaction with assistance from Michael Caprile and Jusdon Welliver of CBRE National Partners.
