Time to restart your server!
This is pretty common when making database adjustments while the server is running. I see it quite a lot when I am making large updates. Normally though, it causes all equipment to disappear when you zone and then reappear when you zone again.
I haven't seen it do exactly what you are describing before, but the zone thing changing if you can view it or not is very similar. My guess is that a server restart will fix it.
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