EQT Real Estate, based in Radnor, expanded its industrial portfolio with the $128.2 million purchase of Sarival Logistics Center in the Loop 303 corridor located in the Phoenix, Arizona area, writes Haley Mensik for the Philadelphia Business Journal.
It is the largest single-building warehouse sale in the region since the beginning of 2023, with the potential to house 100 million square feet of warehouses.
The deal for the Center in Glendale, Arizona, closed June 4.
The 1,156,860 square-foot building was constructed in 2022 and sold by WPT Capital for $110.82 per square foot.
The space is currently leased by Logistics Plus, a global warehousing, transportation, fulfillment, and logistics company.
Loop 303 is a major industrial corridor that sprang up from the growth of e-commerce sales.
“This is a rapidly maturing submarket neighborhood with lots of credible users like Logistics Plus, like Amazon, like Walmart. The logistics world has really planted flags here,” said Scott Guo, investment and leasing officer at EQT Real Estate.
EQT Real Estate, formerly known as EQT Exeter, has been expanding its industrial portfolio in the Phoenix area in recent years.
In total, it owns 2,000 properties totaling more than 400 million square feet.
Find out more about EQT’s activity in the Phoenix, Arizona area in the Philadelphia Business Journal.
