#United States #Richmond #Rockpoint #Eastport

Rockpoint Expands Its Industrial Portfolio in Richmond

Rockpoint Group, a distinguished real estate private equity firm from Boston, has recently announced a strategic acquisition that highlights its commitment to expanding its industrial portfolio. The firm has acquired the Eastport Industrial Park in Richmond, Virginia, which consists of eight buildings totaling 1,068,995 square feet. This move signifies Rockpoint's focus on high-quality, infill industrial assets in markets with strong growth potential.

Overview of the Eastport Industrial Park

The Eastport Industrial Park is strategically located within Richmond's Airport submarket, providing access to significant logistical advantages. Situated adjacent to Richmond International Airport and important transportation routes, Eastport is ideally positioned for regional and last-mile distribution throughout Virginia and along the Eastern Seaboard.

This portfolio features a variety of building configurations suitable for various tenants, catering to a mixed demographic of industrial companies. Currently, the Eastport property boasts an impressive occupancy rate of 97%, with a strong leasing performance evidenced by multiple recent leases and extensions.

Market Insights and Future Prospects

Fred Borges, Senior Managing Director at Rockpoint, commented on the acquisition: "Rockpoint's investment in Eastport reflects our continued conviction in high-quality, infill light industrial assets in select growth markets." This sentiment signifies Rockpoint's consistent strategy of targeting securely positioned, high-quality industrial properties that promise sustained demand.

Ben Harris, Head of Rockpoint Industrial, further elaborated on Richmond's market potential by stating, "Richmond continues to stand out nationally with compelling long-term fundamentals." The confidence in Richmond's long-term economic climate is supported by a robust local labor pool and a diverse array of active industrial tenants. The limited new supply in the area further enhances the attractiveness of this investment.

By pursuing this acquisition, Rockpoint is not only solidifying its footprint in the Southeast but also leveraging its expertise to drive tenant value and investor returns at the Eastport site. With 16 industrial investments completed since 2020, representing approximately 15 million square feet, Rockpoint is clearly prioritizing growth in the industrial asset sector.

About Rockpoint

Founded in 1994, Rockpoint Group employs a disciplined investment approach across various real estate sectors, focusing on acquiring under-valued or misunderstood assets with strong potential for value appreciation. The firm has sponsored numerous investment vehicles and has successfully completed over 512 transactions with a peak capitalization of around $82 billion.

The addition of Eastport to Rockpoint's portfolio exemplifies its strategic methodology that emphasizes selective positioning in key markets, showcasing its commitment to value-driven asset management and market responsiveness.

For more information on Rockpoint and its investment strategies, visit their official website at www.rockpoint.com.

Conclusion

The acquisition of Eastport Industrial Park represents a significant milestone for Rockpoint as it continues to expand its industrial presence in the thriving Richmond market. With a strong local economy and logistic advantages, Eastport is set to become a key player in Rockpoint's portfolio, contributing to further growth and success in its industrial sector investments.