EQT Real Estate Acquires 2M SF Industrial Portfolio In Manteca From CenterPoint Properties For $264M

The transaction involved the sale of a four-building industrial portfolio located at 2226 Roth Road, 3493 Airport Way, 3201 Airport Way, and 2365 South Airport Way in Manteca, California. The properties encompass a total of 2,000,000 square feet and were sold for $264,000,000, translating to a price per square foot of $132. Additionally, the assets sit on a 135-acre site and are fully leased, with rents reported to be 41% below market rates.

Summary of transation details:

• Property Type: Industrial
• Transaction Amount: $264,000,000
• Buyer: Henry Steinberg - EQT Real Estate
• Seller: Jim Clewlow - CenterPoint Properties
• Brokerage: Michael Goldstein, Ryan McShane, Michael Kendall, Gian Bruno, Nick Mascheroni, Alex Hoeck, Wes Widmer, Kenny Patricia, and Kylie Jones - Colliers
• Mortgage Brokers: Jeremy Thornton and Nicole Sayers - Colliers
• Market: Manteca
• Acres: 135
• Square Feet: 2,000,000
• Price Per Square Foot: $132

This significant transaction marks the largest deal in the Manteca submarket's history. Colliers acted as brokers for both the buyer and seller, facilitating the exchange between EQT Real Estate and CenterPoint Properties.