PHILADELPHIA — Equus Capital Partners has acquired a 5.4 million-square-foot industrial portfolio located across the Sun Belt and East Coast. The properties were purchased from Prologis for $900 million, according to the Philadelphia Business Journal.
The 75-property portfolio primarily comprises multi-tenant, infill, shallow-bay assets located across seven major distribution markets in Texas, Florida, Georgia, South Carolina and Virginia.
4525 Kennedy Commerce Drive in Houston, Texas, was included in the acquisition.
The acquisition was made on behalf of the company’s sponsored value-add fund, Equus Investment Partnership XII L.P. The portfolio was 98 percent leased to 250 tenants at the time of sale, which included e-commerce, logistics providers, manufacturing, business-to-business and business-to-consumer users.
Equus made headlines with another large-scale industrial acquisition in October of last year, buying a 7.3 million-square-foot industrial portfolio in Arizona for $1.1 billion.
“We remain disciplined in our approach to appropriately scaling our industrial holdings across the U.S. on behalf of our investment partners,” says Kyle Turner, partner and director of investments for the Philadelphia-based firm.
“This most recent investment further diversifies our platform holdings in the industrial sector and provides access to dynamic distribution locations poised to benefit from improving industrial fundamentals and sustained population growth,” he continues.
Kyle Turner, Tim Feron, Laura Brestelli, Joe Felici, Scott Miller and Ryan Klancic oversaw the transaction for the firm in-house. Howard Grossman at Cozen’ O’Connor provided legal counsel to Equus, and Eastdil Secured advised on debt placement for the acquisition.
Equus Capital Partners oversees a portfolio of industrial, multifamily and office properties throughout the U.S. The company has regional offices in Chicago; Los Angeles; Washington, D.C.; Atlanta; Raleigh, N.C.; Phoenix; and South Florida.
—Katie Sloan