EQT Exeter paid 3.2 million for a six-buildiing Phoenix industrial portfolio. Link Logistics was the seller of the package, called Phoenix Gateway. The 860,200 square feet portfolio is located in the Airport submarket. Commercial Edge reports the facilities were fully leased at the time of sale by a total of eight tenants with staggered lease expirations. The properties are 1980s and ’90s vintage, with spaces ranging from 37,000 square feet to 220,000 square feet. 

The new owner plans to upgrade the buildings by air conditioning the warehouse space, adding LED lighting and renovating office suites as leases roll throughout the portfolio.

“This asset class is well-positioned for continued rent increases, driven by high demand and limited supply,” added Cushman & Wakefield’s Molly Hunt. “The ability to raise rents across the portfolio is a direct reflection of how desirable this product type has become in the market.”

Cushman & Wakefields Hunt, Will Strong and Michael Matchett represented Link Logistics.