Equus Buys Raleigh-Durham Industrial Portfolio
The purchase expanded the firm's local footprint to more than 4 million square feet.
Equus Capital Partners has acquired Falls Lake Commerce Center, a three-building, 341,867-square-foot industrial portfolio in Butner, N.C., for $46.9 million. The metro Raleigh-Durham transaction was completed on behalf of Sweet Grass II, a programmatic joint venture between an affiliate of Equus and a U.S.-based pension plan.
TPG, now known as TPG Angelo Gordon, previously owned the assets, according to Yardi Matrix. The firm had acquired the portfolio in November 2021 for $37 million from John Nelley Jr., the developer of the 300-acre Falls Lake Commerce Center campus.
The deal expands Equus’ holdings in North Carolina and comes a few weeks after another affiliate of the firm acquired an industrial portfolio in Sparks, Nev., for $95.9 million. That purchase was made on behalf of a value-add fund sponsored by Equus.
Focus on Falls Lake
Located at 100, 200 and 300 Business Park Drive, the portfolio comprises three tilt-wall logistics facilities developed between 2009 and 2015. The buildings feature 30-foot clear heights, ESFR sprinkler systems, shared truck courts and a total of 53 dock-high doors and six drive-in doors. The property also includes a 1.2-acre industrial outdoor storage lot with approximately 65 trailer stalls.
The collection was fully leased at the time of sale to three tenants operating across logistics, manufacturing and food production sectors. UPS occupies the facility at 100 Business Park Drive; Nugget Comfort LLC, a children’s furniture manufacturer, is at 200 Business Park Drive; and RiceWrap Foods, a sushi rice manufacturer, operates at 300 Business Park Drive.
The location provides convenient access to Interstate 85, Research Triangle Park and the Raleigh-Durham International Airport. Downtown Durham is about 14 miles southwest.
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Tim Feron, senior vice president of Equus, said in a prepared statement the Falls Lake acquisition adds three modern, Class A buildings to the firm’s Raleigh-Durham industrial portfolio, which spans more than 4 million square feet. Feron oversaw the transaction along with Tucker Scaringe, an associate at Equus.
Raleigh-Durham continues to rank among the fastest-growing employment and population centers in the Southeast. It is supported by in-migration, a highly educated labor force and diversified economic base anchored by life science, technology, advanced manufacturing and logistics.
Fourth-quarter industrial net absorption in the Raleigh-Durham market totaled 1.7 million square feet year to date in 2025, up from 1.1 million square feet in 2024, according to Savills. The report noted demand remained solid but was not sufficient to fully offset new supply additions.
More Equus deals
Based in Newtown Square, Pa., Equus is a national real estate investment manager with a portfolio spanning industrial, office and multifamily assets.
In September, an affiliate purchased a six-building industrial portfolio totaling 576,852 square feet in Upper Marlboro, Md., from Mapletree Investments for $102.6 million. The acquisition was made on behalf of a value-add fund sponsored by Equus. The portfolio was about 90 percent leased at the time of the transaction.
That deal closed about a week after an Equus affiliate sold an 889,352-square-foot, small-bay light industrial portfolio in metro Phoenix to a joint venture of BKM Capital Partners and Kayne Anderson Real Estate, the real estate arm of Kayne Anderson. That $167.9 million transaction involved 41 buildings that were nearly 90 percent occupied at the time.
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