Equus and Ontario Teachers’ Announce the Acquisition of Ashton Logistics Park Industrial Portfolio in Richmond, VA
Equus Capital Partners, Ltd. (“Equus”) and Ontario Teachers’ Pension Plan (“Ontario Teachers’”) announced today that they have completed the acquisition of Ashton Logistics Park, a two-building 523,407 square foot Class A industrial portfolio located in Chesterfield County, Virginia. The property sits in the Richmond metropolitan area and is fully leased to two institutional-quality tenants with a weighted average lease term of approximately 8.5 years.
The acquisition marks the inaugural transaction under a new joint venture between Equus and Ontario Teachers’, targeting core and core-plus assets in key markets across the U.S. that have consistently demonstrated resilience through economic cycles and delivered consistent, long-term performance.
Located within Richmond’s I-95 South industrial submarket near the Ruffin Mill interchange, Ashton Logistics Park is positioned along one of the East Coast’s primary distribution corridors, with access to major interstate networks serving the Mid-Atlantic and Southeast regions. Richmond continues to benefit from strong population growth, an expanding labor pool, and significant recent investment activity from leading global organizations, which further reinforces the market’s long-term industrial demand drivers.
Constructed in 2024, the portfolio consists of two adjacent Class A logistics properties. The larger building at 1660 Ashton Park Drive totals 437,657 square feet and features cross-dock loading, 36-foot clear heights, and substantial trailer storage capacity. The second building at 1630 Ashton Park Drive totals 85,750 square feet with rear-load configuration, 32-foot clear heights, and dedicated outdoor storage. Both buildings feature modern industrial specifications including tilt-wall construction, ESFR sprinkler systems, LED lighting, and heavy power infrastructure.
“Richmond continues to emerge as a key distribution hub along the Eastern seaboard, supported by population growth, infrastructure investment, and proximity to the Port of Virginia,” said Tim Feron, Senior Vice President of Equus, who along with Tucker Scaringe, Associate, oversaw the acquisition. “Ashton Logistics Park benefits directly from these dynamics, offering modern, well-leased facilities with strong connectivity to regional and national supply chains.”
“The acquisition of Ashton Logistics Park builds on our strategy to gain exposure to the U.S. industrial sector,” said Karl Kreppner, Senior Managing Director, Real Estate, for Ontario Teachers’. “This asset provides us with a strategic entry point into the East Coast logistics market while delivering stable cash flows and offering long-term growth potential. Working with the Equus team, we have an opportunity to create additional value through active management.