EQT Exeter Real Estate Income Trust, Inc. today announced its fourth acquisition, purchasing 2871 S. 102nd Street in Tukwila, Washington for $81.5 million.
The 202,464 square-foot property is fully occupied by a multinational online retailer with an investment grade credit rating. The last mile industrial building was completed in 2021 and features rare class-A building specifications for its infill South Seattle location.
The property’s strategic location offers proximate access to Seattle’s growing population, with nearly 4 million people located within a 1-hour drive and an industrial labor force of over 200,000 within a 45-minute drive. Its location also provides connectivity to customers and suppliers via a diverse network of closely located interstate freeways, the Port of Seattle and Seattle International Airport. Interstate 5 borders the South Seattle submarket and runs from Vancouver, B.C. to Mexico, providing access to major population centers along the West Coast.
“South Seattle is a highly sought-after, low-supply infill market with limited developable industrial land, an aging building stock, and strong appetite for warehouse space,” said Ali Houshmand, Global Head of Non-Traded REITs at EQT Exeter. “Rapid population growth and increasing e-commerce demand, as well as dynamic emerging industries make this property an ideal regional distribution location to the core of Seattle and surrounding region.”
The transaction marks EQRT’s fourth acquisition since inception, bringing total capital deployed over the period to approximately $390 million.
