EQT Exeter Pays $197M for Inland Empire Distribution Center

EQT Exeter has completed a large single-asset industrial acquisition in Southern California’s Inland Empire.

The real estate investment company put down $197 million to buy the Commerce Way Distribution Center, totaling 819,004 square feet in Fontana, Calif. JLL (JLL)’s capital markets team announced the deal Tuesday and represented the seller, Manulife Investment Management. It equals about $240 per square foot.

Commerce Way Distribution Center was built in 2000 at 13423-13473 Santa Ana Avenue. Details on the occupancy were not immediately disclosed. 

The Inland Empire has for years been the nation’s top market for industrial real estate with persistent demand from leading investment companies and tenants alike. For one example, last month, a fund sponsored by CBRE Investment Management, along with Ross Perot Jr.’s Hillwood Investment Properties, announced a $756 million financing package for the construction of the first phase of Speedway Commerce Center, also in Fontana.

Manulife Investment Management owns 74.7 million square feet of office, industrial, retail and multifamily assets, according to JLL. EQT Exeter has more than $29 billion of equity under management, and owns 2,000 properties and 375 million square feet of industrial, office, life sciences and residential properties.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.