EQT Exeter's $257M Acquisition of 20 Industrial Properties from Prologis Boosts Minneapolis Market

Radnor, Philadelphia-based EQT Exeter, a global real estate manager, has significantly expanded its presence in the Minneapolis area by acquiring 20 industrial properties. This major transaction marks one of the largest industrial deals in the Twin Cities recently, and EQT Exeter plans to acquire an additional four properties in the second quarter of 2024.

Property Details and Tenancy

The newly acquired properties cover over five million square feet, featuring a mix of bulk, light industrial, and last-mile facilities. Spread across four submarkets in the Minneapolis-St. Paul metro area, these properties are 90% leased to 54 unique tenants. Approximately 20% of these tenants are existing clients within EQT Exeter’s portfolio.

Financial Aspects

Public real estate filings with the Minnesota Department of Revenue reveal the sales details for 13 of the properties. The combined sale price for these properties exceeds $257 million, according to the Philadelphia Business Journal.

Transaction Facilitation

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