Taurus Buys 13 Buildings Across DFW, Phoenix

Taurus Investment Holdings has acquired a 13-building industrial portfolio totaling more than 544,000 square feet across Dallas-Fort Worth and Greater Phoenix. Humphreys Capital sold the assets in a deal facilitated by JLL.

The three Phoenix complexes traded for a combined $26.3 million, according to Maricopa County records. The current acquisition brings Taurus’ industrial footprint within the Metroplex to nearly 2 million square feet across 29 buildings, with a portfolio that is more than 99 percent leased.

The owner secured a $45.4 million acquisition loan funded by Capital One for the whole portfolio across Texas and Arizona, public records show.

Tenant roster

The long list of tenants across the portfolio includes Dallas Lease Return, Western States Fire Protection, Ethan Allen and Incab America, among others.

“In just two months since putting the deal under contract, Taurus leased up the majority of the vacancy in this portfolio, bringing occupancy from 93.5 percent to 98 percent,” William Garey, director of acquisitions at Taurus, told Commercial Property Executive.

According to Garey, the Metroplex and Phoenix remain target markets for the company. While the industrial sector is booming nationwide, the two markets are also among the strongest for population and job growth, with shrinking unemployment rates. Phoenix unemployment clocked in at 4.8 percent and Dallas-Fort Worth at 4.7 percent as of August, according to preliminary BLS data. Both figures are below the 5.2 percent U.S. average.

Taurus will continue to focus on submarkets with favorable supply-demand dynamics and both Dallas-Fort Worth and Greater Phoenix offer further upside, Garey added.

A closer look

The buildings are located on a combined 28.5 acres and were built in the late 1960s and the 1970s, with the exception of one Phoenix asset completed in 2002. 

The largest complex, totaling 132,790 square feet, is the five-building Inwood Business Center I – V at 14305 Inwood Road in Dallas. The city is also home to Grissom Lane, a 56,875-square-foot property at 11530 Grissom Lane. Both properties are less than 20 miles from Dallas-Fort Worth International Airport.

The other Metroplex properties in the portfolio are clustered in Arlington, Texas. All are within 2 miles of each other, less than 13 miles south of Dallas-Fort Worth International, with Commercial Center I & II totaling more than 41,000 square feet at 2211 E. Division St. Another two buildings, GSW 106 at 700-710 107th St. and GSW 201 at 3401-3411 Avenue D, total nearly 90,000 square feet.

The three Phoenix properties are: Elwood Airport Center (66,429 square feet) at 4346 E. Elwood St., South 35th Distribution Center (125,199 square feet) at 1601 S. 35th Ave., and 101 N. 45th Ave. (31,066 square feet) at 101 N. 45th Ave. The last two are within 5 miles of downtown Phoenix, while Elwood Airport Center is 9 miles southeast.

The current portfolio increases Taurus’ industrial footprint to 207 buildings nationwide, totaling more than 13.4 million square feet.