EQT Exeter pays $15M for Doral warehouse and office building

Radnor, Pennsylvania-based REIT acquired 46K sf mixed-use site

EQT Exeter Pays $15M For Doral Warehouse And Office Building
A photo illustration of EQT Exeter CEO Ward Fitzgerald and the building at 3605 Northwest 115 Avenue in Doral (Getty, EQT Exeter, Google Maps)

EQT Exeter paid $14.5 million for a warehouse and office building in Doral.

An affiliate of the Radnor, Pennsylvania-based real estate investment trust acquired the 45,970-square-foot mixed-use building at 3605 Northwest 115th Avenue, records show. Sitting on a 2.1-acre site, the building was completed in 2004.

The seller, an entity managed by Harry Aizenberg in Laredo, Texas, paid $690,000 for the property in 1997, records show.

The building is leased to Wrk Lab, an office furniture dealer, according to an online listing.

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Led by CEO Ward Fitzgerald, EQT Exeter acquires, develops, leases, and manages industrial, residential and office properties in North and South America, Europe and Asia, according to the firm’s website. In 2022, EQT Exeter paid $85.5 million for a 380-unit apartment complex in Chicago. In 2021, the firm acquired a six-building office and research campus in San Jose, California, for $192 million

South Florida’s industrial market started the year strong with five deals in January. Bahrain-based Investcorp paid $72.3 million for Powerline Business Park, an industrial complex in Deerfield Beach. The firm partially financed the acquisition with a $76.6 million loan from MetLife Investment Management.

In an off-market deal, Boston-based Longpoint Partners scooped up six warehouses near Medley and Doral for $30 million. Also in Doral, ComReal sold a warehouse for $17.5 million to Sebastian Guejman, an Aventura-based real estate investor. Guejman took out an $11 million mortgage with Banesco USA to partially finance the purchase. 

An affiliate of Doral-based Parker Davis HVAC International bought a Medley warehouse that was completed last year. Parker Davis paid $42.3 million for the 143,571-square-foot industrial building. 

In another Medley deal, Miami-based Cofe Properties sold a mixed-use complex for $38.5 million. Baltimore, Maryland-based ABR Capital, and Darien, Connecticut-based East Capital Partners acquired two four-story office buildings and six industrial warehouses. The joint venture partially financed the purchase with a $25.6 million mortgage from Boise, Idaho-based A10 Capital.