Equus Capital Partners has acquired a 10-property, 1.7 million-square-foot industrial portfolio located in the high-growth Piedmont Triad distribution market and the well-established transportation hub of Memphis. The portfolio was made on behalf of an Equus-sponsored value-added fund.
The financial terms and seller were not disclosed.
The portfolio is predominantly single-tenant bulk-distribution industrial properties and is more than 92 percent leased. The 10-building portfolio — eight in the Greensboro, N.C., MSA and two in the Memphis MSA — range from 55,000 square feet to 372,000 square feet and boast several high-profile credit tenants, including Ford Motor Co., Carrier Global, Ferguson Enterprises and Lab Corp. The historically high-occupancy and below-market in-place rents will provide an opportunity to increase net operating income and expand lease duration. Three of the buildings have expansion capability that could further enhance portfolio value.
