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February 21, 2024
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EQT Exeter Buys 202k sf Industrial Project in Chula Vista


EQT Exeter purchased Heritage Industrial Center, a three-building, 202.8k sf industrial project in Chula Vista. The project, covering 11.57 acres, was sold by Rockefeller Group.

The deal marks the second transaction between Rockefeller and EQT Exeter in the past three months. In October, EQT Exeter acquired Rockefeller Group’s Stateline 77, a two-building, 1.07 msf fully stabilized industrial park in Fort Mill, S.C., part of the Charlotte, N.C. industrial market.

Heritage Industrial Center, located along Heritage Rd in Chula Vista, includes a 105.6k sf building, a 56.5k sf building and a 40.7k sf building. Each building was developed on a separate land parcel and was sold to EQT Exeter unoccupied. Leasing and asset management for Heritage will be handled out of EQT Exeter’s San Diego office, led by Caitlin Little.

Construction on Heritage began in June 2022 and was completed in September 2023. The buildings were designed by SCA Architects, engineered by Kimley-Horn and the general contractor was TFW Construction. Rockefeller Group acquired the land from Carlsbad-based HomeFed Corporation.

According to Gardner W. Ellner, Managing Director, West, for EQT Exeter, with this acquisition, EQT Exeter closed on approximately 8.4 msf of industrial properties across multiple markets in the U.S. in the 4th quarter of 2023, totaling about $860 mil in transactions.

Michael Mossmer and Patrick Connors of Voit Real Estate Services represented Rockefeller Group on the leasing efforts and on the sale of the project. Cushman & Wakefield’s National Industrial Advisory Group (IAG) of Jeffrey Cole, Jeff Chiate, Bryce Aberg, Brad Brandenburg, Zachary Harman and Mike Adey repped Rockefeller Group on the investment sale element of the project.

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