b'28American Journal ofTransportation ajot.com(RISEcontinued from page 24) fromitssourceintothewarehousedriveawayfromthem.Theyaresays, is that the e-commerce warehouse square foot industrial logistics buildingordirecttotheircustomer.OurtheNortheast,Southeast,Midwest,boom of the last 15 years has led to a in West Phoenix for $60.1 million. Theperspective is if you are looking forMidsouth (Steinberg calls it Texas)tremendous amount of pushback by 40-acre property is reasonably close tothe cheapest piece of real estate, youand the West Coast. And where thelocal municipalities, townships, school the Southern California ports. might get what you pay for. e-commerce hubs are today-Memphisdistricts on warehouse development. EQTExetersacquisitionstrategyforFedEx,LouisvilleforUPSandIthasbecomemorerestrictiveand appears to be to build multi-billion dollarB uyer ors eller Cincinnati for Amazon, he adds. more expensive, he adds, contending industrial property portfolios composedEQT Exeter makes its buy, sell orThecompanyalsoinvestsinthatmunicipalsgenerallyarenot of warehouse properties of all sizes andbuild decisions in a market based onsmaller,lastmilewarehouseszoninganythingthatisnotzoned sell them at opportunistic times. the local economic conditions, locationrelatively close to densely populatedindustrial today.Right about the time the COVIDandreplacementcosts,notonsomeEastCoastcitiesandstatessuchPlus,inpushingwarehouse pandemicslammedtheUS,EQTcompany-widehard-and-fastassetasWashingtonDC,thesuburbsofdevelopment further and further away Exeter sold a 328 portfolio of supplymanagementformulaestablishedatPhiladelphia,theMeadowlandsareafrom population areas, the harder it chainande-commercewarehousesits headquarters. Plus, it also dependsin New Jersey.is to find labor which is now a serious covering 70.5 million square feet foronhowthepropertywouldfitintoIsEQTExeterfocusingoncost issue and a problem. Steinberg $6.8 billion. The multi-state portfolio,the companys appropriate investmentproperties designed for high volumeargues. His bottom line: automation is assembledbyEQTExeter,throughfund. At the moment, says Steinberg,e-commerce traffic? Steinberg opinesand will continue to play a greater role morethan100separatepropertyto get the risk adjusted returns for ourthat the modern industrial warehousein warehouse operations. acquisitions over three years, was saidinvestors, we are doing more buyingbuildings can accommodate e-commerce atthetimetobeamongthelargestthan building. And were buying moreand traditional warehouse shipments.r oBotics andW arehousingindustrialrealestatetransactionsinhighqualityassetswithhighqualityThey have taller clear heights, moreWhat do major materials handling US history. tenants on long-term leases that will bedockdoors,propertruckqueuingleaders think of the future of industrial more valuable pieces of real estate inand trailer parking, flat floors.Thesewarehousing? Jeremy Rock, regional a llr eale statel ocal the long run. physicalfeaturesandmoreareallvicepresident,SouthRegionof In an interview with the AmericanStill,EQTExeterisdeployingvery important to the main objectiveEquipment Depot, Inc., an 85-year-old JournalofTransportation(AJOT),investmentcapitalonsupplychain/ which is how fast they can turn overmaterials handling company with 50 Henry Steinberg, partner and presidentlogisticspropertiesinfiveUStheir inventory. warehouse locations nationwide, in an of EQT Exeter North America, whoregionsnearmajorpopulationThebigproblemforindustrialexclusive interview with the American isalsoaco-portfoliomanager,sayscentersoratleastaonedaytruckproperty investors and developers, he(RISEcontinued on page 30)hiscompanydiffersfromitslarge competitorsbecauseitdoesnthave a team of analysts in a central officeB R A T Idoing due diligence from afar. L E N GAll real estate is local, and we haveC Edevelopmentleasingandinvestment professionalsonthegroundin25 markets across the country, he says. Theyareevaluatingandanalyzing1920-2020the bricks and sticks of supply chainO Ebuildings on the spot.Were focusedF SERVICon the quality of the asset, how it fits into the tenants proximity needs andSUCCESS STARTS WITH A WINNING TEAM!thetransportationcostsandhowto get the product from the warehouse to the customer. Then they analyze the cost and availability of labor in thatSince our establishment in 1920, we haveWE OFFER OUR CUSTOMERS:market. The last thing they evaluate isbeen providing our global customers a the cost of the real estate. premier level of service through superiorOn-site Storage and Multi-modalhandling and performance, technologicalDistribution Servicesadvancements, and a perpetual eye Customer Access to 24 hour Inventory Trackingon customer satisfaction. Also, we offer oneStandard Berths and Ro-Ro Ramps are availableof the most cost effective and reliable laborSpecially engineered Lifting Gearforces in the North Atlantic.Container Transloading from / to Rail or TruckWe have the ability to accommodate aOn-site service provided by 2 Class Ivariety of automobile, breakbulk, bulk,Rail Carrierscontainer and forest products. OurEfficient Distribution to Two Thirds of the distinction, is based on our ability to closelyUnited States and Canadian populations within coordinate your Stevedoring, Warehousing48 - 72 Hours and Distribution Logistics. Henry Steinberg, partner and president of EQT Exeter North AmericaEQTExeterisalsoadeveloper andhasbeenactiveinbigboxFOR MORE INFORMATION markets,Steinbergsays,like,for example, Denton, Texas, where it builtCONTACT US AT:a 600,000 square-foot warehouse for JH STEVEDORING, INC. anationalhousewaresretailer. Also2147 South Columbus Blvd. inDenton,thecompanydevelopedPhiladelphia, PA 19148a1.2millionsquarefootsupplyTEL: 215-218-3060chain building that it leased to a largeFAX: 215-218-3078apparelcompany.EGTExeteralsoWEB: www.jhstevedoring.combuysexistingindustrialwarehouses in Denton. It decides whether to buyPENN WAREHOUSING & DISTRIBUTION, INC. or build depending on local economic2147 South Columbus Blvd. factorsincludingmarketdemand,Philadelphia, PA 19148TEL: 215-218-3000replacement costs among others, theFAX: 215-218-3043company says. WEB: www.pennwarehousing.comEGTExeterdoesnotclusterits assets in the Sun Belt. We look, first and foremost, at the quality of the real estateandhowitfitsintoasupply chain, says Steinberg. Whether it is big box, regional warehouse, last mile or e-commerce. We evaluate the total transportationcoststogetproduct'