Equus Capital Partners Ltd., a real estate firm in Newtown Square, has acquired 75 buildings in a nearly $1 billion sale totaling 5.4 million square feet, writes Natalie Kostelni for Philadelphia Business Journal.
The buildings were purchased from Prologis Inc. About 80% were once owned by Liberty Property Trust, based in Malvern. Prologis bought Liberty Property Trust in early 2020.
The buildings are in South Florida; Houston; Dallas; the Baltimore-Washington Corridor; Richmond, Virginia; Atlanta, and Greenville, South Carolina.
They are 98% leased to almost 250 tenants that include e-commerce, logistic providers, manufacturing, business-to-business and business-to-consumer firms.
“Industrial and multifamily are where we have spent a lot of our time over the last several years,” said Kyle Turner, partner, and director of investments at Equus. “Office investment is a bit opaque now and, from a risk-adjusted basis, we feel capital is better in a less volatile area.”
This is the third billion-dollar deal Equus has done in less than a year.
In October, it acquired a portfolio of 74 buildings in Phoenix and Tucson for $1.15 billion.
Last spring, Equus worked with AIG in a $1 billion recapitalization of an industrial portfolio.
Read more at Philadelphia Business Journal about Equus Capital Partners’ nearly $1 billion acquisition.
