Equus Capital Partners acquired Falls Lake Commerce Center for $46.9 million. Falls Lake is a three-building, Class A industrial portfolio totaling 341,867 square feet in Butner, North Carolina, within the Raleigh-Durham metropolitan area. The acquisition was completed on behalf of Sweet Grass II, a joint venture between an Equus affiliate and a U.S.-based public pension plan.

Commercial Edge reports that TPG Angelo Gordon previously was the seller. The firm had acquired the portfolio in November 2021 for $37 million from John Nelley Jr., the developer of the 300-acre Falls Lake Commerce Center campus.

The portfolio is 100% leased to three tenants operating in logistics, manufacturing, and food production.

Falls Lake’s location offers tenants convenient access to Interstate 85, Research Triangle Park, and the Raleigh-Durham International Airport.

The portfolio also includes a 1.2-acre industrial outdoor storage lot with approximately 65 trailer stalls.