By Nick Pasion – Reporter, Puget Sound Business Journal
Radnor-based EQT Exeter Real Estate Income Trust purchased a 34-acre property near Seattle that houses an Amazon.com Inc. warehouse for $81.5 million.
EQT Exeter acquired the 202,464-square-foot warehouse at 2871 S. 102nd St. in Tukwila for $402.54 per foot, nearly double the average rate across the Seattle area. King County's assessed value for the property is $80.9 million. The REIT purchased the property through EQRT 2871 102nd LP, a Delaware-registered entity.
The property is about 11 miles south of downtown Seattle.
“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,” EQT Exeter's Ali Houshmand said in a statement.
The seller was a limited liability company linked to Dermody Properties, a Reno, Nevada-based industrial developer. The company did not return a request for comment.
EQT Exeter took out a $109.6 million loan with State Farm, King County records show.
EQT Exeter, the real estate arm of Swedish investment firm EQT, has been making major investments in real estate in other areas of the U.S. this year, too. That includes in Austin, Texas, and in California's Inland Empire. EQT Exeter paid roughly $450 million earlier this year for a 24-building portfolio across the Minneapolis/St. Paul metro area.
Full story: https://tinyurl.com/rk55hn59
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