Written by Carolina Worrell, Senior Editor
EQT Real Estate on July 2 announced that EQT Exeter Industrial Value Fund VI has acquired a 2.04-million-square-foot portfolio of modern logistics facilities in Manteca, Calif.
The four Class A buildings are strategically positioned near Interstates 5 and 99, with immediate access to a major Union Pacific (UP) intermodal terminal, “enabling efficient goods movement across Northern California and the broader West Coast.”
The properties are fully leased to four tenants across a diverse set of industries, and with a weighted average lease term of less than three and a half years, the portfolio, EQT says, “offers significant near-term opportunity to drive substantial rental growth.” The assets are built to modern bulk distribution specifications, including 36-foot clear heights, a mix of cross-dock and single-load configurations, ample trailer and auto parking spaces, and excellent truck maneuverability and circulation.
Located in California’s Central Valley, one of the state’s fastest-growing industrial corridors, the assets, EQT adds, “benefit from proximity to major population centers and transportation infrastructure. The region is increasingly becoming a location of choice for large-scale distribution due to its connectivity, cost advantages, and expanding labor pool.”…