Lingerfelt Announces $78.2 Million Sale of Ashton Logistics Park

RICHMOND, Va., May 20, 2026 /PRNewswire/ -- Lingerfelt today announced the disposition of Ashton Logistics Park ("ALP"), a 523,407 square-foot pair of industrial assets located in Chesterfield County, Virginia. The portfolio was sold on May 19, 2026 to an affiliate of Equus Capital Partners, Ltd. for $78.2 million, or approximately $149 per square foot.

Delivered speculatively by Lingerfelt in early 2024, ALP consists of 523,407 square-feet across two buildings on a 52-acre site at 1630 & 1660 Ashton Park Drive in Colonial Heights. Building 1 is a 437,657 square-foot, 36' clear, cross-docked facility, while Building 2 is an 85,750 square-foot, 32' clear, rear-load facility. Initial land closing and ground-breaking occurred in August of 2022 with ARCO Design-Build as the project architect and general contractor and Townes Site Engineering handling civil engineering.

The entirety of Building 1 was pre-leased during construction by Article.com, a Vancouver, Canada-based direct-to-consumer furniture retailer relocating distribution operations from the Northeast. Article.com took occupancy upon delivery in January of 2024. In mid-2024, the entirety of Building 2 (85,750 SF) was leased to Shepherd Electric Company, a wholesale electrical distributor and wholly owned subsidiary of Graybar. At disposition, ALP was 100% occupied with 8.5 years of weighted average lease term remaining.

"Ashton Logistics Park is a prime example of Lingerfelt's ability to identify strategic infill locations, deliver high-quality industrial product, and create value through disciplined execution," said John Mason, Managing Director of Development at Lingerfelt. "From site procurement, entitlement and construction, to securing early leasing momentum towards full occupancy, this round-trip execution reflects both the strength of the Richmond market and the dedication of our trusted team and partners."

Newmark's Industrial Capital Markets team represented Lingerfelt in the sale transaction. Lingerfelt would also like to thank Range Commercial Partners, the project's property management partner, as well as Colliers, the project's leasing and marketing partner.

About Lingerfelt
Lingerfelt is a vertically integrated real estate investment management firm serving the MidAtlantic and Southeast United States. Since the 1950s, Lingerfelt has been a trusted name in commercial real estate and continues to build upon its reputation by sourcing and investing in unique real estate opportunities that deliver bestinclass product for modern users while generating attractive, riskadjusted returns for investors. Lingerfelt, along with its partners, has successfully constructed, acquired, and managed a portfolio of more than 25 million square feet of commercial real estate valued at over $3 billion. To learn more, visit www.lingerfelt.co.

Media Contact
Rob Valentine
Managing Director, Investments
Lingerfelt
(804) 2700015
[email protected]

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SOURCE Lingerfelt