Everview Partners has acquired a large shallow bay industrial portfolio in Tucson, purchasing 85 buildings totaling approximately 1.25 million square feet for $165.75 million. The multi-tenant portfolio was about 90 percent leased to 452 tenants at the time of the transaction, reflecting broad user demand across the properties. The assets are organized into 14 separate properties distributed throughout the Tucson industrial market.
The seller, Pegasus Tucson Owner LLC of Newtown Square, Pennsylvania, is associated with Equus Capital Partners. According to Real Estate Daily News, the portfolio was originally acquired by funds sponsored by Equus in October 2021 for approximately $150 million. The latest transaction marks a subsequent change in ownership for the collection of shallow bay warehouse and industrial assets after several years under Equus-sponsored ownership.
Cushman & Wakefield advised on the sale, with the firm’s National Industrial Advisory Group working alongside a local team in Tucson. Will Strong, Michael Matchett, Madeline Warren, Molly Miller and Jack Stamets of Cushman & Wakefield’s National Industrial Advisory Group, together with Paul Hooker of Cushman & Wakefield | PICOR in Tucson, represented both the buyer and the seller. Their assignment covered marketing and negotiations for the entire 14-property portfolio, which spans a variety of building sizes and layouts consistent with shallow bay industrial product.
The properties offer a combination of warehouse, office and flex space, serving a diverse tenant base throughout the Tucson area. They are located along several established industrial and employment corridors, including Forbes Boulevard, Prince Road, Ruthrauff Road, Palo Verde Road, Research Loop, Dodge Boulevard, Speedway Boulevard and East 29th Street. This geographic dispersion within the metro’s key industrial districts positions the portfolio to serve a range of local and regional businesses that rely on infill industrial space.
The transaction underscores ongoing investor interest in Tucson’s shallow bay industrial segment, where multi-tenant buildings can accommodate smaller and mid-sized users. With a high occupancy level at closing and a broad roster of tenants, the portfolio provides the new owner with exposure to a diversified rent roll spread across multiple submarkets and asset types within the industrial category. The combination of warehouse, office and flex space within the same portfolio may also give the buyer flexibility in responding to evolving space needs among occupiers across the Tucson market.
