Equus Capital Partners, developers of the Ellis Preserve in Newtown Square, has bought a warehouse portfolio in a Maryland industrial park for $102.6 million, writes Dan Brendel for the Washington Business Journal, as printed in the Philadelphia Business Journal.
Newtown Square-based Equus bought six warehouses totaling 578,000 square feet in Upper Marlboro from Mapletree Investments, based in Singapore.
The buildings are about 20 miles east of Washington, D.C., in Prince George’s County.
The buildings are just about 90 percent leased. They range in size from 47,000 square feet to 151,000 square feet.
Equus plans a variety of improvements for the warehouse group, including new exterior paint schemes, upgraded building signage, landscaping, and repaving.
The Upper Marlboro properties were attractive because of the submarket’s low vacancy and sustained rental growth, according to Tim Feron, Equus’ senior partner of acquisition.
“Prince George’s is the largest industrial submarket in Greater Washington, totaling about 50 million square feet, and while overall vacancy has ticked up, demand for small-bay industrial remains strong,” said Chris Bauers, an industrial research manager at Savills.
Equus Capital Partners owns about 2 million square feet of industrial assets in Greater Washington.
Read more details about the acquisition in the Philadelphia Business Journal.
