EQT Exeter purchased 20 industrial properties in the Minneapolis-St. Paul area from Prologis and plans to add four more properties to the deal by the time it closes.

The portfolio totals 5M SF, according to a press release from EQT. Some of the properties were developed by Duke Realty and became part of Prologis’ portfolio when it acquired Duke for $26B in 2022.

Local public records as of May 28 reflect the sale of 14 of the properties for nearly $285M, Commercial Property Executive reported.

The sale encompasses most of Prologis's holdings in the area.

“We can confirm that Prologis has sold the majority of its industrial properties in the Minneapolis–Saint Paul market, which is part of the company’s longer-term strategy following its acquisition of Duke Realty in 2022,” a Prologis spokesperson told Bisnow via email Wednesday.

EQT will establish a new office in Minneapolis, bringing its nationwide office count to 28. The company also intends to upgrade the properties, adding LED lighting and solar arrays.

The industrial market nationwide is reckoning with slowing demand after skyrocketing on the back of increased e-commerce activity beginning in 2020. Though the market is still a healthy one by just about every metric, industrial leasing has slowed just as the latest wave of construction deliveries began in earnest, pushing up vacancy rates.

EQT, like Prologis and most other landlords specializing in industrial properties, said it remains committed to the sector and views the slowing as little more than a speed bump.

"This transaction highlights our continued conviction in the industrial sector and reflects our keen asset selection and ability to swiftly execute on compelling small-, medium-, or large-scale opportunities in today's market, while many of our peers stay on the sidelines," EQT partner and Chief Investment Officer Matt Brodnik said in the release.

The deal is expected to close this quarter.

EQT Exeter also just dropped $36M for an Atlanta-area property.