In late December, EQT Exeter Real Estate Income Trust acquired a roughly 76K SF Torrance warehouse for $51.5M in cash in a sale-leaseback transaction, according to filings with the Securities and Exchange Commission.

The warehouse's owner wasn’t disclosed, but its parent company was described as "a leading global food and beverage company that offers a diverse portfolio of well-known brands across beverages, salty snacks, convenient foods, and nutrition-focused products."

The size, age and location of the warehouse matches that of a warehouse at 1500 Francisco St. used by Frito-Lay, a division of PepsiCo. Frito-Lay didn’t immediately respond to a request for comment from Bisnow.

The initial term of the seller's lease at the warehouse and distribution facility expires on Dec. 31, 2035, with two five-year extension options, according to filings. The lease includes 3% annual rent escalations during the term.

As of Dec. 23, 2025, the annual rental rate was $34.20 per SF, or $2.85 per SF monthly. That's a premium compared to the average asking rent per square foot in the South Bay, which was $1.41 for a triple-net lease, according to CBRE third-quarter data.

EQT Real Estate, the larger real estate arm of Swedish private equity giant EQT, last year bailed on multifamily assets to focus heavily on industrial property.

In November, Supply Chain Dive reported that PepsiCo was testing "a unified distribution model" that sought to combine snack and beverage warehousing in an effort to cut costs. At the time, the format was being tested in Texas, with the possibility of expanding into other states.