The popularity of industrial property investment in the suburbs north of Austin shows little sign of waning. EQT Exeter real estate income trust waded into the market this month, buying a Georgetown industrial building for $60.9 million, the Philadelphia company announced Monday.

The the 449,642-square-foot industrial building was the EQT Exeter's first acquisition and was made with proceeds from the sale of 6.22 million Class E units of its operating partnership to  EQT Exeter Holdings, an affiliate of the REIT's sponsor.

The building at 110 Southeast Inner Loop Road, built in 2023, has a long-term lease to solar panel manufacturer GAF Energy. The building has 106 loading doors, 36-foot clear heights, and parking for 123 trailers and more than 500 cars. At full operation, CAF Energy expects to employ more than 240 people at the facility.

"Given the current interest rate environment and consequent attractive property valuations, we are pursuing a number of similar deals," EQT Exeter's Ward Fitzgerald said, "We look forward to continuing to make well-timed, strategic acquisitions across key submarkets in the U.S., capitalizing on our fresh start and lack of the legacy issues seen in our industry right now."

EQRT is looking to invest about 80 percent in "properties with business tenants, such as industrial or life science properties, and approximately 20 percent in real estate assets with consumer users, such as multifamily or self-storage properties," according to the announcement.