JLL Secured $718 Million for Industrial Portfolio
The financing package covers 52 industrial properties located across the Phoenix metropolitan area.
Updated on Oct. 14, 2026 in Commercial
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JLL has arranged $718.2 million in financing for Equus Capital Partners to support the Project Pegasus industrial portfolio. This five-year, floating-rate loan covers 5.2 million square feet of space across 52 individual assets.
Why it matters
The massive capital infusion underscores the continued institutional demand for well-leased industrial assets in the Phoenix market. With the portfolio currently 92% leased, this financing stabilizes operations for the 1,260 suites contained within the holdings.
The Project Pegasus portfolio consists of 52 industrial properties with an average building size of nearly 100,000 square feet. The assets have an average vintage of 1992 and maintain a 92% occupancy rate across 1,260 individual suites.
The players
JLL
JLL is a global commercial real estate services firm that provides investment management and capital markets advisory services.
Equus Capital Partners
Equus Capital Partners is a private equity real estate investment firm that manages a diverse portfolio of commercial and industrial properties.
Morgan Stanley
Morgan Stanley is a multinational investment bank and financial services company that provides a range of capital market financing solutions.
Bank of America
Bank of America is a major multinational financial institution that offers corporate banking and large-scale debt financing services.
The details
The financing package includes a $527.1 million SASB execution alongside a $191.1 million balance sheet component. These properties are distributed across key Phoenix submarkets including Chandler, Mesa, Tempe, and the West Valley, benefiting from proximity to Phoenix Sky Harbor International Airport.
Timeline
JLL announced the completion of the financing arrangement on October 14, 2026.
The newest industrial developments within the portfolio were constructed in 2019.
Culture Shift
This transaction reflects the broader institutional pivot toward securing infill industrial assets in high-growth logistics corridors. By consolidating 52 properties under a single financing umbrella, the deal highlights the shift toward portfolio-wide capital management in secondary and tertiary industrial submarkets.
The stabilization of these 52 properties ensures consistent management and maintenance for current tenants across the Phoenix area. Business occupants in these suites can anticipate continued lease availability and property upkeep resulting from the long-term capital commitment.
The takeaway
Large-scale portfolio financing is a critical tool for maintaining occupancy and infrastructure in older industrial hubs. Readers interested in real estate should note how lenders prioritize assets with high leasing rates and strategic locations near international transportation infrastructure.
Further reading
For more information on the regional investment climate, see Phoenix Commercial.
Source note: This article includes information reported by AZ Big Media.
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