Radnor-based EQT Exeter Real Estate Income Trust now owns a 34-acre property near Seattle that houses an Amazon.com Inc. warehouse, writes Nick Pasion for Philadelphia Business Journal.

The price tag was a mere $81.5 million,

It breaks down to $402.54 per foot for the 202,464 square-foot warehouse located at 2871 S. 102^nd Street in Tukwila.

That’s about 11 miles from downtown Seattle.

Per foot EQT paid nearly double the average rate for the Seattle area.

The property’s assessed value is $80.9 million.

“South Seattle is a highly sought-after, low-supply infill market with limited developable industrial land, an aging building stock, and strong appetite for warehouse space,” EQT Exeter’s Ali Houshmand said in a statement.

EQT Exeter is the real estate arm of Swedish investment firm EQT and has been making major real estate investments in different areas of the U.S.

It has acquired property in Austin, Texas, and in California’s Inland Empire.

EQT Exeter paid roughly $450 million earlier this year for a 24-building portfolio across the Minneapolis/St. Paul metro area.

The firm is capitalizing on reduced industrial property prices during higher interest rates.  

Read more about the warehouse and the sale’s impact on Amazon in the Philadelphia Business Journal.