RADNOR, PA. — Pennsylvania-based owner-operator EQT Real Estate has purchased a portfolio of nine industrial buildings totaling approximately 2 million square feet in Southern New Jersey. The sales price was not disclosed.
The buildings are part of a master-planned park that is located along the I-95/295 corridor and house a mix of light industrial and bulk warehousing uses. Buildings feature clear heights that range from 24 to 33 feet, as well as flexible suite sizes and a total of 134 dock doors across the portfolio.
The names of the tenants were not disclosed, but the buildings are leased to “blue chip [operators] in manufacturing, distribution and logistics, including national and global occupiers,” according to EQT. The new ownership also plans to explore selective redevelopment and leasing initiatives, including targeted capital improvements and enhancements to building exteriors.
Brian Fiurama, Brad Ruppel, Mike Hines and Joe Hill of CBRE represented the seller, an affiliate of insurance giant New York Life, in the transaction.
“This portfolio offers scale, location and flexibility in one of the most resilient industrial corridors in the United States,” said Matthew Brodnik, global chief investment officer at EQT. “With strong structural demand for modern infill logistics space, we believe the portfolio is well-positioned to benefit from long-term supply chain trends and population growth across the Northeast.”
Created through the merger of EQT and Exeter Property Group in 2021, EQT Real Estate maintains more than $58 billion in real estate equity under management. The firm’s parent company is Sweden-based EQT AB.
— Taylor Williams