Press Release | October 2, 2023
Equus Capital Partners, Ltd. (“Equus”), one of the nation’s leading real estate developers and investment managers, announced today that an affiliate completed the development and sale of the Virginia Inland Port Logistics Center, a 339,450 square-foot Class A warehouse/distribution facility along Route 522 in Front Royal, Virginia, to SL Industrial Partners, an affiliate of Silverman Group, for $38.2 million. The property was 100% leased at the time of sale to an affiliate of Iron Mountain Incorporated, an industry leader in data storage and information management services, which in May 2022, signed a 10-year lease for the speculatively built facility.
Jonathan Beard, Bo Cashman, and Michael Hines of CBRE represented Equus in the transaction.
The property is within ½ mile of the Virginia Inland Port, which provides direct rail connections to The Port of Virginia in Hampton Roads/Norfolk, VA. The property’s proximity to the Northern Virginia/Washington D.C. / Baltimore metro region was a key factor in the tenant’s decision to execute a long-term lease.
The building boasts a highly functional rear load design with high throughput features and is designed to accommodate two tenants. The building also features 32’ clear height, 51’ x 52’ structural steel column spacing with a 60’ speed bay, 34 loading dock doors with fully operational levelers, bumpers, seals, z-guards and LED swing arm lights. There are 21 knock-out panels which provides the ability to expand to 55 dock door locations. The building also possesses an ESFR Sprinkler System, 103 car parking spaces and 63 trailer parking spaces away from the loading docks.
Energy efficient features that were incorporated into this development include a 60 Mil heat load reducing white TPO membrane roof, LED high bay lighting with motion sensors, clerestory windows, the use of native landscape to minimize the need for irrigation and a stormwater management system designed to eliminate runoff of pollutants from paved areas.
“The disposition of the Virginia Inland Port Logistics Facility represents the successful execution of the Equus industrial development program,” stated Dan DiLella Jr., Senior Vice President of Equus Capital Partners, who along with Christopher Locatell, Senior Vice President, John Knott, Vice President, and Keith Hontz, Vice President, oversaw the transaction for the firm. “We are grateful to Colliers International and Jones Lang LaSalle, who were involved with the leasing of the project. Additionally, we appreciate the hard work and support that we received from the Warren County Planning Department. This development project is an economic win for the region.”
