Four warehouses at the Airport Distribution Center anchored the deal. (BizSense file photo)
A Pennsylvania firm is wrapping up the year with a nearly nine-figure industrial deal in Henrico County.
EQT Exeter recently purchased four warehouses in the Airport Distribution Center in Varina, as well as one in central Henrico for a combined $90.9 million, county records show.
The four Varina warehouses are at 2400, 2500, 2600 and 2700 Distribution Drive, while the fifth is at 8750 Park Central Drive, just southeast of the planned GreenCity development.
The warehouses total 745,000 square feet and are fully leased, according to EQT Exeter’s website. Tenants at the buildings include packaging giant WestRock, logistics firm Veritiv and meat distributor Prime Meats.
The Distribution Drive assemblage sold for a combined $81.4 million, and the Park Central Drive building went for $9.5 million. The county most recently assessed the properties at a combined $51.7 million.
The seller was Raith Capital Partners, a New York firm that had bought the Distribution and Park Central Drive properties in 2021 for $65.4 million from their original developer, Indiana-based Becknell Industrial.
EQT Exeter’s purchase was part of a larger, 33-property deal it announced in recent weeks that spans 10 other cities in the Midwest and Southeast.
Based near Philadelphia, EQT Exeter is a privately held investment firm with over $30 billion in assets worldwide. The company’s other Richmond-area holdings consist of a VCU Health-anchored warehouse in central Henrico and a warehouse at 4300 Carolina Ave. near Richmond Raceway.
Spokespeople for EQT Exeter did not respond to questions about the deal by press time.
The sale marks the second high-dollar industrial deal in Henrico in recent months, following the $104 million purchase by data center giant QTS of LL Flooring’s 1-million-square-foot distribution center at the White Oak Technology Park as part of LL Flooring’s bankruptcy asset sale.