The Philadelphia-based EQT Exeter Real Estate Income Trust Inc. (EQRT) announced its first acquisition with the $60.9 million purchase of an industrial property in Georgetown, Texas.
The 449,642 square-foot property is fully occupied by GAF Energy LLC, a producer of solar roofing, on a long-term lease. The newly built warehouse opened in 2023 and features 106 doors, a 36-foot-tall ceiling, 123 trailer parking spaces, and more than 500 total parking spaces.
EQRT acquired the property with proceeds from the sale of 6.22 million Class E units of its operating partnership to EQT Exeter Holdings US Inc., an affiliate of EQRT’s sponsor.
“We are thrilled to complete EQRT’s first acquisition,” said EQT Exeter CEO Ward Fitzgerald. “Given the current interest rate environment and consequent attractive property valuations, we are pursuing a number of similar deals. We look forward to continuing to make well-timed, strategic acquisitions across key submarkets in the U.S., capitalizing on our fresh start and lack of the legacy issues seen in our industry right now.”