BOSTON– Rockpoint, a Boston-based real estate private equity firm, announced the acquisition of Eastport Industrial Park (“Eastport”), an eight-building, 1,068,995-square-foot, shallow-bay infill industrial portfolio located in Richmond, Virginia.
Rockpoint will manage and operate the portfolio in partnership with Rockhill Management, Rockpoint’s dedicated property services affiliate, and Rockpoint Industrial, Rockpoint’s exclusive industrial operating platform. Financial terms of the transaction were not disclosed.
The eight-building portfolio is situated within Richmond’s Airport submarket and offers tenants a diverse range of building configurations and suite sizes. Eastport benefits from Richmond’s strong local labor base and a diverse mix of active industrial tenants and limited new supply. The Property is currently 97% occupied and has demonstrated strong leasing momentum, with several new leases and extensions recently signed. Situated adjacent to Richmond International Airport and with direct access to the region’s major transportation arteries, Eastport offers exceptional logistical advantages for regional and last-mile distribution and delivery throughout Virginia and the Eastern Seaboard.
“Rockpoint’s investment in Eastport reflects our continued conviction in high-quality, infill light industrial assets in select growth markets,” said Fred Borges, Senior Managing Director at Rockpoint. “We know these markets very well through our time-tested address-level, research-focused approach across all asset types.”
“Richmond continues to stand out nationally with compelling long-term fundamentals,” said Ben Harris, Head of Rockpoint Industrial. “We look forward to leveraging our industrial operating expertise to drive value for tenants and investors at Eastport Industrial Park.”
Rockpoint has made 16 industrial investments since 2020, representing approximately 15 million square feet.
