A warehouse in Torrance has sold in a more than $50 million all-cash deal.
EQT Exeter Real Estate Income Trust acquired a 76,007-square-foot warehouse for $51.5 million in a sale-leaseback transaction, Bisnow reported. The address for the property is not publicly available, but the building’s size and Torrance location aligns with a warehouse and distribution facility at 1500 Francisco Street used by Frito-Lay, a division of PepsiCo, according to Bisnow.
The building’s prior owner was not disclosed, but its parent company was described in a Securities and Exchange Commission filing 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 seller’s lease at the building expires on Dec. 31, 2035, with two five-year extension options and a 3 percent annual rent increase. As of Dec. 23, 2025, the annual rental rate was $2.85 per square foot monthly, per Bisnow, more than the $1.41 average figure for comparable facilities in the South Bay, according to third-quarter CBRE data cited by Bisnow.
EQT Exeter Real Estate Income Trust, a real estate subsidiary of Swedish private equity firm EQT, has been focused on industrial property after closing its multifamily fund in 2024. The latest purchase is not the company’s first industrial venture in the Los Angeles region; in 2024, EQT Exeter bought an 819,000-square-foot warehouse in Fontana from Manulife Investment Management for $197 million. Other EQT buys across the country in recent years include a $151 million purchase of six industrial properties in the Phoenix area in 2024 and a $55.3 million deal for two warehouses in South Florida last year.
PepsiCo has been exploring a cost-cutting unified distribution model that combines snack and beverage warehousing, Supply Chain Dive reported in November. At the time, the company was testing the setup in Texas with the possibility of expanding it into other states.
— Chris Malone Méndez
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