Equus Sells 656 KSF Virginia Portfolio

NorthPoint Development has acquired the Port of Virginia Shallow-Bay Portfolio, a 655,852-square-foot industrial collection near Hampton Roads, Va. Equus Capital Partners sold the assets in a deal brokered by JLL Capital Markets.

The portfolio comprises four facilities: a three-building campus in Suffolk, Va., and a standalone building in Chesapeake, Va. At the time of the deal, the warehouses were 82 percent leased to 10 national and regional tenants from multiple industries, including transportation, distribution, technology and third-party logistics.

The portfolio previously traded in 2020, when Equus acquired it from Prologis for $56.8 million. The company took out a five-year loan from Nationwide Insurance Co. to finance that acquisition.

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The three Suffolk buildings are at 6900, 6920 and 6950 Harbour View Blvd., close to Interstate 664 and about 13 miles from downtown Norfolk. The other building is at 2601 Indian River Road, roughly 6 miles from downtown Chesapeake and less than 4 miles from Intestate 64. All properties have connectivity to the Port of Virginia terminals.

The shallow-bay warehouses came online between 2005 and 2012 and feature 28-foor clear heights, as well as rear-load and side-load configurations. The facilities total 134 dock-high loading doors and six drive-in doors.

JLL Capital Markets Senior Managing Director Bill Prutting, Managing Director Chris Dale, Senior Director Craig Childs, Director Ginna Wallace and Associate Andrew Baquero led the team that represented the seller.

Equus’ recent industrial deals

The acquisition follows a series of recent industrial transactions by Equus Capital Partners. Last month, the firm purchased Ashton Logistics Park, an industrial campus in Colonial Heights, Va., for $78.2 million from Lingerfelt.

Earlier this year, Equus also bought a 19-building business park in Charlotte, N.C., for $102 million. In addition, the company expanded its North Carolina portfolio with the acquisition of a three-building industrial portfolio in Butner, N.C., paying $46.9 million for the Raleigh-Durham-area assets.