EQT Exeter has purchased a portfolio of buildings at Naaman's Creek Business Center in Delaware County, Pennsylvania, from SSH Real Estate for $48.45 million.
The portfolio, which was 100% leased at the time of the sale, comprises eight industrial and office buildings totaling 265,757 square feet in Boothwyn on Route 322 near Interstate 95.
All eight buildings are situated on about 45 acres and feature a diverse tenant roster of 16 companies that use the properties for warehouse, logistics, office, lab, pharmaceutical and showroom space. The largest tenant is Pentec Health, a pharmaceutical manufacturer. Other tenants included in the portfolio are Nielsen-Kellerman Co., UnitedHealth Group, Federated Healthcare Supply Inc. and Patterson Dental.
SSH, along with its family office joint-venture partner, assembled the portfolio through three separate transactions between August 2017 and April 2021. The firm paid a total of $28 million for the eight buildings.
"While we had underwritten a longer hold, the combination of value creation, and incredible investor demand for warehouse and life science product made the timing ideal for a sale," Greg Muller, partner of SSH Real Estate, said in a statement. "We and our investors are extremely pleased with the outcome and look forward to continuing to seek additional value-add investments.".
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