Equus Picks Up 523KSF Richmond Industrial Portfolio
Both buildings in the portfolio are fully leased.
Lingerfelt has sold Ashton Logistics Park, a two-property industrial portfolio totaling 523,407 square feet in Colonial Heights, Va. Affiliates of Equus Capital Partners acquired the assets for $78.2 million, or about or $149 per square foot, in a deal arranged by Newmark.
The development consists of Building 1, a 437,657-square-foot asset, and Building 2, an 85,750-square-foot property. Ashton Logistics Park includes cross-docks and rear-loading facilities with 36-foot clear heights at Building 1 and 32-foot clear heights at Building 2.
Developed as a speculative project by Lingerfelt, the company acquired the 52-acre site in July 2022. Construction on the site started in August of the same year. SouthState Bank provided the development with a $46.9 million construction loan, according to Yardi Matrix.
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For the project, Lingerfelt brought on ARCO Design-Build as general contractor and architect, while Townes Site Engineering handled civil engineering.
Prior to completion, Building 1 was preleased to Canada-based direct-to-consumer furniture retailer Article.com. In September 2024, Shepherd Electric Supply leased the entire second asset. The average lease term remaining at the campus is 8.5 years.
Ashton Logistics Park represents one of several Lingerfelt projects in the metro area. Last May, the company partnered with The Davis Cos. to acquire 95 acres in Richmond for a four-building industrial development, Commercial Property Executive previously reported. At full buildout the campus will span 820,800 square feet.
The warehouses can be found at 1630 and 1660 Ashton Park Drive. The site is located close to Interstate 95 and 20 miles south of Richmond. Richmond Marine Terminal is 15 miles away from the property.
Industrial investment activity in Virginia
This isn’t the first portfolio Lingerfelt has sold in the area this year. Last month, Lingerfelt and Partners Group sold the Walthall-Northlake Industrial Portfolio for $175 million. The joint venture owned the 1.2 million-square-foot portfolio for three years after purchasing it for $105.6 million.
In one of the largest transactions of the year for the area, The Silverman Group purchased a 1 million-square-foot portfolio dubbed the Richmond Airport Logistics Portfolio in October 2025. The purchase included six assets across three sites.
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