EQT Exeter Expands in California With $202M Industrial Buy
The company added two new facilities to its Greater San Francisco portfolio.
EQT Exeter has purchased two industrial assets totaling roughly 1.3 million square feet in American Canyon, Calif. DWS sold the properties for $202 million, according to The Registry. JLL represented the seller.
The deal involved two facilities within Napa Logistics Park, namely the 646,000-square-foot 1 Middleton Way, as well as 400 Boone Drive comprising 702,000 square feet. DWS acquired the former for $90.5 million in 2018 and the latter for $123.4 million in 2022, CommercialEdge shows.
Spanning more than 41 acres, the 2017-completed facility at 1 Middleton Way was 100 percent, triple-net leased to IKEA at the time of the deal. The property features 32-foot clear heights, 150 dock doors and four grade-level doors, as well as a 135-foot truck court, among others.
READ ALSO: 2025 CRE Outlook: The Year Ahead
Situated on some 37 acres, the building at 400 Boone Drive debuted in 2020. At the time of the sale, Biagi Bros was leasing approximately 336,960 square feet at the property. It encompasses 130 dock-high doors and four grade-level doors, as well as 60-foot speed bays and 40-foot clear heights.
The 218-acre Napa Logistics Park is roughly 41 miles northeast of downtown San Francisco. A Union Pacific Railroad line services the industrial campus, providing access to the Port of Oakland, some 37 miles away.
EQT Exeter’s Western market purchase complemented its latest industrial shopping spree, which focused mainly on the Southeast and Midwest markets. Just days ago, the company acquired 33 assets totaling 4.5 million square feet through its Value Fund VI.
JLL Managing Director Ryan Sitov, Director Melinda Marino and Chris Neeb, alongside Senior Managing Directors Glen Dowling and Matt Bracco, represented DWS in the transaction proceedings.
San Francisco industrial pipeline shrinks
During 2024’s first three quarters, Greater San Francisco’s industrial sale volume clocked in at roughly $53 million, according to CommercialEdge data. Assets traded for an average of approximately $299 per square foot—more than double the national average of $130 per square foot.
As of November, there were no significant industrial projects underway in metro San Francisco, the same source shows. Additionally, more than 22 percent of the inventory is clustered within Napa County’s borders.
You must be logged in to post a comment.