Rockpoint Buys Richmond Portfolio for $142M

Rockpoint has acquired Eastport Industrial Park, an eight-building, 1.1 million-square-foot portfolio in Richmond, Va., for $142 million. Equus Capital Partners sold the assets.

Cushman & Wakefield brokered the deal and arranged acquisition financing through a global alternative investment firm. The shallow-bay industrial collection was 97 percent leased to 19 tenants at the time of sale.

Rockpoint will manage and operate the portfolio in partnership with Rockhill Management, its dedicated property services affiliate, and Rockpoint Industrial, the firm’s exclusive industrial operating platform.

Cushman & Wakefield Executive Managing Director Jonathan Carpenter, Managing Director Graham Savage, Senior Associate Dawes Milchling and Capital Markets Professional James Check, along with President Eric Robison and Senior Vice President Bo Mckown, represented the seller.

The firm’s Equity, Debt & Structured Finance team, including Brokers John Alascio and Michael Zelin, Managing Director TJ Sullivan and Senior Associate Chris Meloni, secured the financing.

A Richmond industrial portfolio, up close

Equus had acquired the 86-acre industrial park in early 2022 for $139 million from Prologis, as part of a larger portfolio deal totaling 5.4 million square feet in markets along the East Coast and through the Sun Belt.

The buildings range from 71,634 square feet to 174,720 square feet, with 18- to 28-foot clear heights. The assets have 80- by 140-foot truck courts, 208 loading positions and ample parking. Their tenants are active in industries such as supply, automation, logistics, pet care, medical and food & beverage.

Situated along Interstate 64 in the Airport submarket, the portfolio is close to Interstate 95 and Richmond International Airport. The collection is also near the Port of Richmond, enabling distribution and logistics tenants to serve regional and national markets. The location also provides logistical advantages for last-mile distribution.

Supported by limited supply, robust port connectivity and sustained tenant demand, the Airport submarket maintains a 2 percent vacancy rate and has had more than 120 percent rent growth since 2020, according to Cushman & Wakefield.

Rockpoint’s growing industrial footprint

Rockpoint’s investment reflects the firm’s continued conviction in high-quality, infill light industrial assets in select growth markets. The company has made 16 industrial investments totaling approximately 15 million square feet since 2020. The firm focuses on stabilized and value-add industrial opportunities and selective developments.

In February, Rockpoint acquired Uxbridge Distribution Center, a cross-dock facility with more than 607,000 square feet in Uxbridge, Mass., for $120 million. Scannell Properties sold the 2023-completed property that also has adjacent industrial outdoor storage space.

The firm’s co-founders also sponsored 19 investment vehicles and related co-investment vehicles through Rockpoint and a predecessor firm. Last year, the company raised $5.1 billion in aggregate equity capital commitments, including the close of Rockpoint Real Estate Fund VII at $2.7 billion. The vehicle targets opportunities in the U.S. across sectors, including industrial, multifamily, single-family rental, hospitality and select office investments.