EQT Exeter paid $36.25 million ($125/square foot) for an office/industrial portfolio within Satellite Place at Commerce Ave in Duluth, Georgia. The portfolio, spanning 289,921 square feet, is a collection of four flex industrial /R&D/office buildings.

The offering comprises three industrial buildings at 2405, 2425 and 2450 and one single-story office building at 2400. The assets traded from Satellite Place Property, LLC and Satellite Commercial Property, LLC, to  EQT Exeter.

Newmark’s Casey Keitchen brokered the deal on behalf of the sellers, “The new ownership plans to convert the asset to a higher industrial finish ratio over time.”

EQT Exeter says it offers modern, high-quality properties in more than 50 cities around the world where its tenants most want to be. EQT Exeter Real Estate Income Trust (“EQRT”) is an externally managed, non-traded perpetual life REIT designed to provide investors access to a global, vertically integrated real estate platform.