EQT Acquires UP-Accessible Logistics Facilities in Manteca, Calif.
The four Class A buildings are strategically positioned near Interstates 5 and 99, with immediate access to a major Union Pacific (UP) intermodal terminal, “enabling efficient goods movement across Northern California and the broader West Coast.”
The properties are fully leased to four tenants across a diverse set of industries, and with a weighted average lease term of less than three and a half years, the portfolio, EQT says, “offers significant near-term opportunity to drive substantial rental growth.” The assets are built to modern bulk distribution specifications, including 36-foot clear heights, a mix of cross-dock and single-load configurations, ample trailer and auto parking spaces, and excellent truck maneuverability and circulation.
Located in California’s Central Valley, one of the state’s fastest-growing industrial corridors, the assets, EQT adds, “benefit from proximity to major population centers and transportation infrastructure. The region is increasingly becoming a location of choice for large-scale distribution due to its connectivity, cost advantages, and expanding labor pool.”
“This acquisition reflects our conviction in investing behind well-located, institutional quality logistics assets in dynamic markets,” said EQT Global Chief Investment Officer Matthew Brodnik. “With a strong tenant profile, operational upside and clear growth potential, we’re excited to bring these properties into the EQT Real Estate platform and execute our hands-on, locals-with-locals approach to value creation.”
EQT Real Estate was advised by Michael Kendall, Michael Goldstein, Gian Bruno and Nick Mascheroni of Colliers.
