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Equus Capital buys West Palm warehouses for $41M
Deal follows record $239M purchase of Pompano Business Park
Equus Capital Partners paid $41 million for three West Palm Beach warehouses.
The deal is part of a 5.4 million-square-foot nationwide industrial portfolio that Equus Capital bought for a reported $930 million from Prologis, which included a $239 million purchase in Pompano Beach earlier this month.
Equus Capital, through an affiliate, bought the buildings at 300 and 1400 Northpoint Parkway in West Palm Beach from an entity tied to Prologis, according to a deed.
The pair of warehouses at 300 Northpoint Parkway total 64,209 square feet on 5.3 acres, property records show. The 83,480-square-foot building at 1400 Northpoint Parkway is on 6.9 acres. Both were built in 2001.
An affiliate of Boston-based Cabot Properties bought both properties in 2009 for $10.1 million. There is no recorded deed of Prologis’ purchase of the buildings, meaning it likely bought them through an acquisition of Cabot’s affiliate’s interest.
The entire portfolio that San Francisco-based Prologis sold to Newtown Square, Pennsylvania-based Equus Capital spans 75 buildings in the Sun Belt and East Coast, including in Houston, Dallas and Atlanta, as well as in Richmond, Virginia; Greenville, South Carolina; and the Baltimore-Washington corridor, according to media reports. The properties are 98 percent leased to 250 tenants.
As part of the portfolio trade, Equus Capital paid $239.2 million for the 1.03 million-square-foot Pompano Business Park this month, marking a record South Florida deal.
That trade surpassed the top industrial sale of 2021, CenterPoint’s $184 million purchase of a Hialeah business park.
Equus Capital, established in 1980 and led by CEO and President Daniel DiLella, is a real estate investment manager that buys and builds commercial real estate, according to its website.
Prologis, led by Hamid Moghadam, is a logistics real estate investor and developer. Despite its portfolio sale to Equus, it continues to invest in South Florida. Its Beacon Lakes business park spans 436 acres in northwest Miami-Dade County. In May, Prologis applied for approval to add two 164,435-square-foot facilities at the park.
The hefty bets on industrial real estate come as the South Florida market is prospering because of high tenant demand, partly created by e-commerce growth, as well as a lack of developable land.