EQT Exeter buys huge California industrial building for $197 million – Philadelphia Business Journal

EQT Exeter has purchased an industrial building in California’s Inland Empire for nearly $200 million.

Radnor, Pennsylvania-based EQT Exeter, the real estate division of Swedish investment firm EQT, bought the Commerce Way Distribution Center for $197 million from Manulife Investment Management.

The 819,000-square-foot distribution center at 13423-13473 Santa Ana Ave. in Fontana, California, was built in 2000, with a cross-dock configuration and 30-foot clear heights. The industrial property’s location in the Inland Empire, the largest industrial market nationwide, sets EQT Exeter up with access to critical industrial supply chain infrastructure. The property is about 45 miles from downtown Los Angeles.

Tenants in the building include retailer HSN, a sister company to West Chester-based QVC.

JLL’s capital markets sales team facilitated the deal, led by brokers Patrick Nally, Mark Detmer, Evan Moran, Makenna Peter, Mike McCrary and Ruben Goodsell. JLL capital markets debt advisory team also worked on the sale, led by Kevin Mackenzie, Brian Torp and Samuel Godfrey.

EQT Exeter, led by former Liberty Property Trust executive Ward Fitzgerald, has over $29 billion of equity under management. The company owns and operates over 2,000 properties and 375 million square feet.

Last summer, EQT Exeter closed a $4.9 billion fund to invest in industrial properties across the U.S., looking to capitalize on reduced prices amid higher interest rates. Exeter Industrial Value Fund VI is pursuing a value-add strategy to acquire, develop, renovate, lease, operate, and sell industrial properties in major U.S. markets. Through the fund, EQT Exeter is focused on modern, single-tenant fulfillment centers and last-mile assets used by large corporations for their delivery systems.

JLL’s capital markets sales team facilitated the California deal, led by brokers Patrick Nally, Mark Detmer, Evan Moran, Makenna Peter, Mike McCrary and Ruben Goodsell. JLL capital markets debt advisory team also worked on the sale, led by Kevin Mackenzie, Brian Torp and Samuel Godfrey.