Equus Capital Partners, Ltd. (“Equus”), one of the nation’s leading private equity real estate fund managers, announced today that an affiliate completed the acquisition of a five-building industrial portfolio in Hampton Roads, Virginia from CenterPoint Properties. In addition to the five buildings totaling 1,749,421 square feet, the acquisition includes approximately 500 acres of land where Equus plans future development. The acquisition was made on behalf of a separate account managed by Equus that focuses on the acquisition and development of industrial assets in select east coast markets.
Three of the five buildings, 1006, 1010, and 1020 CenterPoint Drive, were built-to-suits developed between 2011-2017 and remain 100% occupied by their original tenants. The remaining two buildings, 3516 South Military Highway and 375 Kenyon Road, were built in 2007 and 2008, respectively, and are currently occupied by a leading third-party logistics company servicing accounts that utilize the Port of Virginia. The 500 acres of additional land, which are located on the north side of Route 58 just west of CenterPoint Drive, can support up to five million square feet of future industrial development. Due to the continued expansion of the Port of Virginia and corresponding growth in container traffic, Equus anticipates developing additional assets on both a build-to-suit and speculative basis.
“The portfolio has been well managed by institutional owners for the past decade and we plan to sustain that success going forward” commented Tim Feron, Acquisitions Manager, who along with Kyle Turner, Vice President, oversaw the acquisition for the firm. “With strong momentum at the Port of Virginia and a low single digit class A vacancy rate market wide, we believe there is a strong opportunity to expand the portfolio in the future as users continue to show interest in the Hampton Roads market,” Feron continued. Dan DiLella, Jr. and John Knott, who have overseen more than 1.5 million square feet of industrial development on I-81 in Northern Virginia, will be responsible for the future leasing and development efforts in Suffolk.
About Equus Capital Partners, Ltd.
Equus Capital Partners is one of the nation’s leading private equity real estate fund managers. Equus’ diversified portfolio consists of office, multi-family, industrial, and retail properties located throughout the United States. The firm is headquartered in the Philadelphia area with regional offices in Chicago, Los Angeles, Washington D.C., Boston, Atlanta, and Raleigh-Durham. For additional information, please visit the company’s website at www.equuspartners.com.
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