RADNOR, PA — EQT Real Estate has sold a 46-building logistics portfolio spanning about 10.5 million square feet across 10 southeastern U.S. markets to an affiliate of LBA Realty, exiting a large industrial-property investment as population growth and freight infrastructure continue to support warehouse demand across the region.
The portfolio was sold by EQT Real Estate Industrial Value Fund V to an affiliate of California-based LBA Realty, EQT said. Financial terms of the transaction were not disclosed.
The Class A properties are spread across markets in the Carolinas, Georgia, Florida and Alabama, including Charlotte, Greensboro, Greenville-Spartanburg, Atlanta, Savannah, Tampa, Orlando, Jacksonville, Birmingham and Huntsville.
The buildings average about 230,000 square feet and serve tenants involved in third-party logistics, regional distribution and advanced manufacturing, among other uses. The portfolio also generates business from last-touch and bulk distribution operations.
EQT positioned the portfolio around southeastern markets benefiting from population growth and access to major transportation infrastructure. The region includes the Port of Savannah, JAXPORT and Inland Port Greer, as well as the Interstate 85, I-95, I-75, I-20 and I-4 corridors.
According to EQT, the 10 markets represented in the portfolio are recording positive population growth based on the latest U.S. Census Bureau estimates, a demographic trend that has helped sustain demand for logistics properties.
“People and industry continue moving to the Southeast, and logistics demand has followed both,” Matthew Brodnik, global chief investment officer at EQT Real Estate, stated.
Brodnik said EQT’s local teams added value to the portfolio through leasing and property management before the firm determined the investment had reached an appropriate point for a sale.
“With the region experiencing sustained positive tailwinds, the transaction marks a natural point to crystallize our investment while offering a meaningful runway for its next phase of growth,” Brodnik stated.
The acquisition gives LBA Realty immediate scale across several of the Southeast’s major logistics markets. EQT did not provide occupancy rates, acquisition costs for the properties or investment returns from the portfolio.
EQT Real Estate was advised on the transaction by John Huguenard, Trent Agnew and Will McCormack of JLL.
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