Newmark Arranges Sale of 523,407-SF Ashton Logistics Park in Richmond to Equus Capital Partners
Newmark has arranged the sale of Ashton Logistics Park, a two-building Class A industrial portfolio totaling 523,407 square feet in Richmond, Virginia, the firm announced June 15. Lingerfelt Capital Partners was the seller, and Equus Capital Partners was the buyer in the transaction.
Newmark Executive Managing Directors Will Bradley and Mark Williford and Vice Chairman Dustin Volz represented Lingerfelt in the deal.
Asset Overview: Newly Constructed, Fully Leased Industrial Portfolio
Located at 1630 and 1660 Ashton Park Drive, the two-building portfolio was completed in 2024 and is 100% leased to Shepherd Electric Supply and Article. The assets feature clear heights of up to 36 feet, trailer parking, and access designed to support regional distribution and logistics operations.
The portfolio carries contractual rent escalations and below-market in-place rents, which Newmark noted positions the assets for future income growth. The properties sit along the I-95 corridor with direct access to I-95, I-85, I-64, and I-295, providing connectivity throughout the Eastern Seaboard and proximity to the Port of Virginia.
"High-quality industrial product in strategically located East Coast logistics corridors continues to attract strong investor interest," said Bradley. "Ashton Logistics Park offered a rare opportunity to acquire newly constructed, fully leased assets with durable cash flow, strong contractual rent growth and long-term embedded upside in one of the nation's leading industrial submarkets."
Richmond Industrial Market Fundamentals
According to Newmark Research, Richmond's industrial market ended the first quarter of 2026 with a vacancy rate of 5.8%. Average asking rents stood at $8.09 per square foot, representing 7.3% year-over-year growth. The market also had nearly 9.4 million square feet under construction as of that period, reflecting continued occupier demand supporting development activity throughout the region.
Transaction Details
No sale price, cap rate, or financing terms were disclosed in connection with the transaction.