Mapletree Sells Sun Belt Warehouse Portfolio to EQT Real Estate for $241M

Industrial portfolio sales in the Sun Belt aren’t slowing down anytime soon.

EQT Real Estate has acquired a 2.4 million-square-foot warehouse portfolio in the region from Mapletree Investments for $241.2 million, Commercial Observer has learned.

The portfolio comprises 10 warehouses in “high-growth innovation hubs” across Georgia, Florida and Texas, including properties at 5890 Ronald Reagan Boulevard in Alpharetta, Ga., and 251 International Parkway in Sunrise, Fla., according to a Friday announcement. The transaction is expected to close by late 2025.

“This divestment represents a strong outcome for our investors and affirms the value we’ve created across our U.S. industrial portfolio,” Mapletree U.S. CEO Richard Prokup said in a statement. “As we look ahead, we remain focused on reinvesting in premier warehouse assets that align with our long-term growth strategy.”

Eastdil Secured’s Clayton Skistimas, Christina Buhl, Marc Alfert, Mark Chu and Steve Silk represented the seller in the deal. “The industrial market continues to perform well, and is one of the most favored asset classes for institutional investors,” Jay Borzi, a managing director at Eastdil Secured, said in a statement. “This portfolio was bid aggressively by a wide range of investors, demonstrating the strong demand for well-leased, well-located, and high-quality industrial assets.”

EQT did not immediately respond to a request for comment.

The properties in the portfolio had been held under Mapletree U.S. & E.U. Logistics Private Trust, a private fund launched in 2019 across the U.S. and Europe totaling 262 properties and $4.3 billion in assets under management at the time of the launch, the announcement said.

The deal with EQT represents the second sale of properties within the fund, following Mapletree’s sale of a 1.8 million-square-foot, 30-building industrial portfolio to Faropoint for $328 million last month, according to the announcement.

The deal is only the latest industrial acquisition for EQT, which bought a 1.2 million-square-foot warehouse in Phoenix from WPT Capital for $128.2 million last month, the Philadelphia Business Journal reported.

“Partnering with EQT to close this transaction is a significant achievement,” John Paul Chua, director of U.S. investment at Mapletree, said in a statement. “It showcases the commitment and teamwork shown by all sides throughout the process.”

News of the deal also comes after a flurry of recent industrial portfolio deals, including Brookfield Asset Management’s purchase of a 3.6 million-square-foot, 53-property industrial portfolio in the Sun Belt from Stonelake Capital for $428 million just this week, as CO previously reported.

Isabelle Durso can be reached at idurso@commercialobserver.com.