Equus Capital Shells Out $103M for Logistics Portfolio

September 19, 2025

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The property collection includes six buildings.

An affiliate of Equus Capital Partners acquired a six-building industrial portfolio totaling 576,852 square feet in Upper Marlboro, Md., from Mapletree Investments for $102.6 million. The purchase was made on behalf of a value-add fund sponsored by Equus, a Newtown Square, Pa.,-based private real estate fund manager.

The 475 Commerce Drive building within Collington Industrial Park in Upper Marlboro, Md., part of the six-building industrial portfolio sold by Mapletree Investments to an affiliate of Equus Capital Partners, for $102.6 million. *Image courtesy of Equus Capital Partners*

Located within the Collington Industrial Park in Prince George’s County, the portfolio was about 90 percent leased to a range of tenants, including C&C Meat Sales at 475 Commerce Drive.

Tim Feron, senior vice president of acquisitions at Equus, stated in prepared remarks the acquisition aligns with the company’s strategy to invest in well-located, income-producing light industrial assets with value-add potential. Feron said Equus is planning capital improvements including painting of exteriors, revitalizing landscaping, upgrading building signage and repaving.

The buildings range from 47,765 to 151,100 square feet with flexible layouts and modern loading capabilities. Features include 18-foot to 25-foot clear heights, 100-foot to 190-foot truck courts, 147 loading positions and ample parking.

The industrial park is located along Route 301 and 7 miles from I-95, both major transportation routes. The location provides tenants with proximity to the Washington, D.C., Northern Virgina and Baltimore metro areas.

Fundamentals are strong in suburban Maryland industrial markets, including Prince George’s County, where second-quarter leasing was concentrated. The county recorded 86 percent of all leasing activity, similar to first-quarter levels, according to CBRE’s second quarter industrial report. Prince George’s County had an overall warehouse vacancy rate of 7.1 percent and 6.4 percent vacancy rate for the total industrial market, including warehouse and flex space, in the second quarter. Net absorption for all suburban Maryland markets was 586,964 square feet, with Prince George’s County recording 533,079 square feet of net absorption.

Other Equus deals

The deal comes about a week after an Equus affiliate sold an 889,352-square-foot, eight-property, 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 deal closed for $167.9 million and comprised 364 units in 41 buildings that are nearly 90 percent occupied.

In July, a joint venture of Equus and Corebridge Real Estate sold a majority stake in a 55-asset portfolio totaling 2.7 million square feet of shallow bay industrial space in the Raleigh-Durham, N.C., market to Town Lane for $261 million, according to public records. Equus retained a minority stake while Corebridge divested its share.

Mapletree’s industrial strategy

The sale marked Singapore-based Mapletree’s third U.S. warehouse portfolio divestment in recent months. The divested assets in Maryland were held under Mapletree’s US & EU Logistics Private Trust, a closed-end private fund launched in 2019 with a diversified portfolio totaling $4.3 billion in assets under management at the fund’s investment. The original portfolio totaled 262 assets that were strategically located, near transportation nodes that benefitted from demand from sectors including e-commerce, third-party logistics and consumer products.

Richard Prokup, CEO, U.S., for Mapletree, said in a prepared statement the group is committed to long-term growth in the U.S. and plans to pursue additional industrial development opportunities and other high-quality logistics assets that create long-term value.

The other divestments occurred during the summer, including the sale of a 1.8 million-square-foot portfolio of 30 shallow-bay buildings for $328 million in June to Faropoint. The assets were spread across Florida, Georgia, New Jersey, Pennsylvania and Texas.

In July, Mapletree sold a 2.4 million-square-foot industrial portfolio to EQT Real Estate for $241.2 million. The portfolio comprised 10 bulk warehouse properties in Florida, Georgia and Texas.

Mapletree, which owns and manages more than 66 million square feet of industrial assets across the U.S., announced last week it had acquired a 29.4 acres site in Joliet, Ill., where it plans to develop a 418,000-square-foot, Class A logistics facility. Construction is expected to begin in the second quarter of 2026, with completion slated for early 2027. It was Mapletree’s second purchase in Chicago’s Joliet industrial submarket this year.

Maryland deal teams

Jonathan Carpenter, Jim Carpenter, Graham Savage, Dawes Milchling and James Check of Cushman & Wakefield’s Northeast Industrial Advisory Group represented Mapletree in the Maryland transaction.

Feron, along with Laura Brestelli, senior vice president of capital markets, and Tucker Scaringe, acquisitions associate, oversaw the acquisition and financing of the portfolio for Equus.