{"id":1004553441,"date":"2021-10-11T03:49:40","date_gmt":"2021-10-11T11:49:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004553441"},"modified":"2022-12-08T12:24:06","modified_gmt":"2022-12-08T20:24:06","slug":"equus-acquires-1b-plus-industrial-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/equus-acquires-1b-plus-industrial-portfolio\/","title":{"rendered":"Equus Capital Acquires $1B-Plus Industrial Portfolio"},"content":{"rendered":"
\"industrial<\/a>

Image by Pashminu Mansukhani from Pixabay.com<\/p><\/div>\n

Equus Capital Partners Ltd. has acquired a 7.3 million-square-foot, 74-property industrial portfolio in the Phoenix and Tucson metro areas for nearly $1.2 billion. The acquisition was made through Equus-sponsored value-added funds and a consortium of strategic co-investment partners.<\/p>\n

An Equus spokesperson confirmed to Commercial Property Executive<\/em> that the seller is not being disclosed.<\/p>\n

The diversified portfolio consists predominantly of multi-tenant infill, shallow-bay properties in established transportation corridors and population centers. It\u2019s about 98 percent leased and consists of 342 buildings in 74 business parks.<\/p>\n

About 85 percent of the portfolio is located across six submarkets in Phoenix, and the remaining approximately 15 percent is in Tucson.<\/p>\n

\n

READ ALSO<\/strong>: What\u2019s Fueling the Rapid Expansion of Phoenix CRE<\/a><\/p>\n

\n

The portfolio\u2019s tenant roster spans 22 industry segments, including e-commerce, logistic providers, manufacturing, business-to-business, and business-to-consumer uses. No single tenant occupies more than 1.5 percent of the leased square footage.<\/p>\n

Equus noted that the portfolio\u2019s strong historical occupancy and the short-term nature of its rent roll \u201cprovide for an immediate value expansion through mark-to-market of rental rates and lease duration expansion.\u201d<\/p>\n

In a prepared statement, Kyle Turner, an Equus partner and the director of investments, characterized the portfolio as \u201chigh-velocity,\u201d in that it\u2019s an asset management\u2013intensive portfolio, due to the frequent lease turnover.<\/p>\n

So, it should be no surprise that as part of the deal, Equus is taking on 26 individuals from the seller\u2019s property management team to continue operation of the portfolio.<\/p>\n

Turner; Christopher Locatell, senior vice president, dispositions; and Robert Butchenhart, vice president & head of the Western region, along with Laura Brestelli, vice president & director of capital markets, and Peter Russo, analyst, oversaw the transaction for the firm.<\/p>\n

Hot market, in both senses<\/h2>\n

The metro Phoenix industrial real estate market is on a tear, likely to have a record year in 2021, following 2020 having been one of the region\u2019s best years ever, according to a third-quarter report from Kidder Mathews.<\/p>\n

About 29.2 million square feet of space (a record) is under construction, much of it speculative, and third-quarter sales volume hit nearly 200 deals totaling $1.2 billion (also a record). Unsurprisingly, the current average price per square foot of $143 is a record, too.<\/p>\n

In an April recapitalization deal worth more than $1 billion, a joint venture between Equus and Partners Group, of Switzerland, sold an 8.6 million-square-foot portfolio<\/a> of industrial assets to a new partnership of Equus and a large U.S. insurance company, reportedly AIG.<\/p>\n

In May, Equus broke ground<\/a> on an approximately 300,000-square-foot speculative logistics facility along I-85 in Kings Mountain, N.C., in the Charlotte area. Carolina 84 Logistics Center will accommodate either a single user or multiple tenants and should be completed by December.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company is taking on part of the seller\u2019s property management team to operate the 342 buildings. <\/p>\n","protected":false},"author":882,"featured_media":1004542433,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,21783,21742,1601,15],"tags":[33346,33612],"class_list":["post-1004553441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-investment","category-latest","category-phoenix","category-west","tag-equus-capital-partners","tag-kidder-mathews"],"acf":[],"yoast_head":"\nEquus Capital Acquires $1B-Plus Industrial Portfolio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/equus-acquires-1b-plus-industrial-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Equus Capital Acquires $1B-Plus Industrial Portfolio\" \/>\n<meta property=\"og:description\" content=\"The company is taking on part of the seller\u2019s property management team to operate the 342 buildings.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/equus-acquires-1b-plus-industrial-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-11T11:49:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T20:24:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/tires-e1660217546650.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1708\" \/>\n\t<meta property=\"og:image:height\" content=\"1281\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/equus-acquires-1b-plus-industrial-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/equus-acquires-1b-plus-industrial-portfolio\/\",\"name\":\"Equus Capital Acquires $1B-Plus Industrial Portfolio - 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