EQT Exeter pays $71 million for industrial assets in Washington

Properties at 20101 and 19927 67th Ave.  NE, Arlington, Wash.
Construction of Gayteway Business Park started in 2019 and the buildings came into use in 2020, 2023 and 2024. Image courtesy of CBRE

EQT Exeter has purchased four industrial buildings totaling 365,000 square feet, part of Gayteway Business Park in Arlington, Washington. GS Venture Partners sold the Class A assets for $70.6 million, according to CommercialEdge information. CBRE and the Broderick Group represented the seller.

The traded assets include Buildings B and C, with a total area of ​​130,315 square meters, in addition to the 117,060 square meter Building F and the 117,800 square meter Building G.

GS Venture Partners broke ground on the 54-acre Gayteway Business Park in 2019, four years after purchasing the land for $4.2 million from Trinity Partnership.

READ ALSO: Why 2024 is the year to invest in industrial real estate

Buildings B and C were the first to rise within the development and came online in 2020. Buildings F and G were launched in 2023 and 2024 respectively. The project may include five more buildings totaling 496,144 square feet, which are currently in the planning and permitting stages, according to CommercialEdge data.

The acquired assets feature dock-height and grade-level loading, concrete truck lanes and clearance heights of 24 to 30 feet. In addition, buildings B and C include almost 10,000 square meters of office space.

At the time of the takeover, the park was fully rented. Tenants include Quantum Windows and Doors, which has leased the entire F building, and C&C Packaging Services, which occupies 31,621 square meters in building C.

The facilities are located at 20101 and 19927 67th Ave. NE, less than 2 miles from the Arlington Municipal Airport and approximately 5 miles from Interstate 5.

CBRE Vice Chairman Brett Hartzell, along with Executive Vice President Paige Morgan and Broderick Group co-founder Al Hodge, represented GS Venture Partners.

EQT is optimistic about the industrial market

After EQT Exeter closed a $4.9 billion industrial fund last year, the company went shopping; last month, the company purchased a 5.1 million-square-foot industrial portfolio in the Minneapolis-St. Paul for more than $284.6 million. Prologis sold the facilities.

The month before, EQT acquired a 60,000-square-foot industrial property in the Phoenix area from developer BET Investments for $60.1 million. Also in April, the company purchased an 819,004-square-foot industrial facility in Fontana, California, for $197 million.

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