An affiliate of Philadelphia-based Equus Capital Partners, a developer and real estate investment manager, recently purchased a nine property, more than 1.4 million-square-foot industrial portfolio in the Charlotte and Piedmont Triad, N.C., industrial markets for $124 million.
The majority of the portfolio is comprised of single-tenant bulk distribution properties ranging from 38,480-square-feet to 382,668-square-feet. Eight of the buildings are located in the Charlotte metropolitan statistical area and one in the Greensboro metropolitan statistical area. The buildings are all leased.
“This investment gave us the opportunity to acquire well leased, functional assets, at a favorable basis relative to replacement cost,” Tim Feron, Equus vice president of acquisitions, said. “The high historical occupancy and below market in-place rents will provide for an opportunity to increase net operating income and expand lease duration going forward.”
The Charlotte segment totals 1.2 million-square-feet. The Charlotte industrial market is located near I-85 and I-40.
The Greensboro building totals 241,050-square-feet. The Greensboro market, also known as the Piedmont Triad, benefits from the expansion of the Piedmont Triad Airport, a manufacturing and distribution base in Greensboro/Winston Salem and growth in the Raleigh-Durham area.
Equus Capital Partners has regional offices in Arizona, California, Georgia, Florida, North Carolina and Washington, D.C. It manages and operates more than 30 million-square-feet of industrial space in the United States.