Equus Capital Pays $57M for Virginia Industrial Portfolio

Nationwide Insurance Co. provided $38.2 million in financing for the acquisition of four warehouses totaling 655,852 square feet.
6950 Harbour View Blvd. Image courtesy of Cushman & Wakefield

Equus Capital Partners has completed the $56.8 million of a four-property industrial portfolio encompassing 655,852 square feet in Suffolk and Chesapeake, Va. The new owner financed the purchase with a five-year, $38.2 million loan from Nationwide Insurance Co.

Prologis was the seller of the fully leased assets, according to public records. The company bought the portfolio as part of its purchase of Liberty Property Trust. The $13 billion deal closed in February but was first announced one year ago.

Three of the buildings occupy a 34-acre site at 6900, 6920 and 6950 Harbour View Blvd. in Suffolk. The Chesapeake facility is on 13 acres at 2601 Indian River Road. The warehouses were completed between 2005 and 2012. The portfolio is leased to national companies including CTDI, Dana and Truestone. The Suffolk facilities are close to Interstate 664 and 17 miles west of the Chesapeake property.

The Cushman & Wakefield debt placement team that secured the mortgage on behalf of the borrower included Vice Chairman Michael Ryan, Executive Managing Director Brian Linnihan and Senior Directors Richard Henry and Blake Cohen.

In February, Equus Capital Partners broke ground on 95 Inland Port Logistics Center, a 373,100-square-foot speculative industrial warehouse in Dillon County, S.C. BPG Development Co. is the general contractor for the project.