Equus Lands $718.2M Refi on 5.2M-SF Phoenix Warehouse Portfolio

Barchart · 2d ago

Affiliates of Equus obtained $718.2 million in financing for the Project Pegasus Industrial Portfolio, a 52-property shallow bay industrial portfolio totaling 5.2 million square feet, positioned across infill submarkets throughout the Phoenix metropolitan area.

Equus landed a five-year, floating-rate financing package, which includes a $527.1 million SASB execution with Morgan Stanley as lead left and Bank of America as lead right, along with a $191.1 million balance sheet component through Bank of America. The JLL Capital Markets team that secured the financing was led by Kevin MacKenzie and Jason Carlos, along with Frank Choumas.

At closing, the portfolio was 92% leased to a highly diversified tenant base. No tenant represented more than a small portion of the portfolio’s rental revenue, providing significant income diversification.

The portfolio includes buildings ranging from approximately 29,000 to nearly 259,000 square feet, with an average building size of approximately 100,000 square feet. The portfolio’s average vintage is 1992, with assets spanning both established business parks and newer industrial developments constructed as recently as 2019.

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