Shallow Bay Industrial Portfolio Sold in Tucson for $165.75 Million
TUCSON, ARIZONA (October 1, 2026) — A 14-property industrial portfolio spanning approximately 1.25 million square feet across Tucson has sold for $165.75 million to separate buyer LLCs associated with New York-based Everview Partners, L.P. Pegasus Tucson Owner LLC of Newtown Square, PA was the seller.
The transaction encompasses the Tucson Shallow Bay Industrial Portfolio, comprising 85 buildings in established business parks. The purchase price equates to approximately $133 per square foot.
Will Strong, Michael Matchett, Madeline Warren, Molly Miller and Jack Stamets with Cushman & Wakefield’s National Industrial Advisory Group, together with Paul Hooker, SIOR, of Cushman & Wakefield | PICOR in Tucson, represented both the buyer and seller.
The portfolio comprises the following properties. Individual recorded sale prices are added below.
| Property | Address | Recorded sale price |
| Broadbent Industrial Center | 2015, 2045, 2155 and 2165 N. Forbes Blvd. | $17,100,000 |
| Butterfield Center | 4555, 4565, 4575, 4585, 4595 and 4605 S. Palo Verde Rd.; 4520 S. Coach Dr. | $10,700,000 |
| Clairemont Plaza | 1660, 1664, 1668, 1674 and 1684 S. Research Loop |
$9,350,000 |
| Coach Drive Industrial Building | 4650 S. Coach Dr. | $4,300,000 |
| Commerce Plaza | 245 S. Plumer Ave. | $6,800,000 |
| Dodge Business Center | 3601, 3621, 3631 and 3641–3681 E. 44th St.; 3200–3320 S. Dodge Blvd. | $18,300,000 |
| Eastpoint Business Plaza | 1601–1607 S. Pantano Rd.; 1603 S. Eastside Loop; 1635 S. Research Loop | $4,700,000 |
| Exchange Place | 1870 W. Prince Rd. | $15,050,000 |
| Midpoint Business Plaza | 1801–1875 S. Alvernon Way; 3921–3949 E. 29th St. |
$9,100,000 |
| Midway Business Park | 4500 E. Speedway Blvd. | $26,000,000 |
| North Tucson Business Center | 3845–3895 N. Business Center Dr.; 3850 N. Commerce Dr. |
$7,800,000 |
| Palo Verde Industrial | 3820–3880 S. Palo Verde Rd. | $11,500,000 |
| Ruthrauff Commerce Center | 2410–2480 W. Ruthrauff Rd. | $16,450,000 |
| Town Central Business Park | 4901–5069 E. 29th St. | $8,600,000 |
| Total | $165,750,000 |
The properties provide a mix of warehouse, office and flex space for businesses throughout the Tucson market. Their locations span 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.
The portfolio was approximately 90% leased to 452 tenants at the time of sale.
The properties are in established infill locations and concentration within business parks also offered opportunities for coordinated management and tenant expansion.
Shallow bay industrial properties generally accommodate smaller business users in multi-tenant buildings. Their combination of warehouse and office space serves a range of operational needs, giving investors exposure to numerous tenants rather than relying on a single large occupant.
The sale marks another ownership transition for a portfolio previously acquired through Equus-sponsored funds and investment partners in October 2021. As reported by Real Estate Daily News at the time, the 14 Tucson industrial parks traded for approximately $150 million as part of Equus Capital Partners’ larger $1.15 billion acquisition of industrial properties in Tucson and Phoenix.
The current sale total is approximately $15.75 million, or 10.5%, above the reported Tucson acquisition price in 2021. That comparison reflects the change in purchase price and does not account for capital improvements, operating income or transaction expenses during the intervening ownership period.
Everview Partners is a private investment management firm founded in 2024 by Billy Rahm and publicly launched in February 2025. The firm invests in real asset companies and properties across North America, combining real estate, private equity and credit investment strategies. Industrial and logistics properties are among its investment sectors.
Before founding Everview, Rahm served as senior managing director and head of real estate at Centerbridge, where he spent 18 years and built the firm’s global real estate investment business. He began his career at Blackstone.
The acquisition gives Everview-associated entities an established presence across Tucson’s industrial market, with a diversified tenant base and properties serving businesses in several of the city’s principal employment corridors.
For more information, Paul Hooker with Cushman & Wakefield | PICOR can be reached at (520) 546-2704.
Source: RED Comp #12737