EQT Buys 20 Industrial Properties from Prologis

Radnor, Philadelphia-based EQT Exeter, a global real estate manager, has acquired 20 industrial properties strategically located in Minneapolis, with plans to acquire an additional four properties in the second quarter of 2024. The transaction is one of the largest recent industrial deals in the Twin Cities.

The properties span more than five million square feet and feature a mix of bulk, light industrial and last-mile facilities. The properties are located across four submarkets in the Minneapolis-St. Paul metro area, and are 90% leased by 54 unique tenants, of which approximately 20% are existing tenants within EQT Exeter’s portfolio.

The details of the sales of 13 of the properties are public in real estate filings with the Minnesota Department of Revenue. The properties’ combined sale price totals over $257 million thus far, reported the Philadelphia Business Journal.

The seller is San Francisco-based Prologis Inc., an owner and investor in logistics real estate. Josh McArtor and Caitlin Clinton of Eastdil Secured arranged the transaction with assistance from Michael Caprile and Jusdon Welliver of CBRE National Partners.

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