Taurus Investment Holdings Buys 1.4 MSF Sun Belt Portfolio

Capital One financed the purchase with a $110 million bridge loan.

Taurus Investment Holdings has acquired a 13-building industrial portfolio totaling more than 1.4 million square feet across the Sun Belt. Summit Real Estate Group sold the Class A and Class B assets throughout the Atlanta, Houston, Tampa, Fla., and Orlando, Fla., markets, according to CommercialEdge data.

The private equity real estate firm financed the purchase with a $109.8 million bridge loan originated by Capital One, according to public records. The mortgage is set to mature in June 2025.

The Sun Belt infill portfolio includes a building currently under construction, while most of the properties were completed between 1984 and 2002, except for the largest complex in the collection, which came online in 2016.

The 12 completed buildings have a long list of tenants with a weighted average vacancy rate of 3.85 percent. The portfolio is home to Walmart, YSI, Raytheon, Iron Mountain, DAP America as well as SC Johnson.

A list of well-located industrial assets

The Orlando metro has a single property in the portfolio: Maggie totaling 96,303 square feet at 3462-3482 Maggie Blvd., in Orlando, Fla.

The five Tampa assets are all within St. Petersburg, Fla. The list includes the 29,888-square-foot Metropointe 1 at 9700 16th St. N., the 42,000-square-foot Metropointe 2 at 9843 18th St. N., Westbay 9400 encompassing 53,319 square feet, Westbay 9500 totaling 45,154 square feet along with Westbay 9700 encompassing 60,181 square feet at 9400, 9500 and 9700 International Court.

There are also five properties within the Atlanta market. Creekside at 2110-2135 Lawrence Ave., in Atlanta, Ga., is the largest of the 13 assets totaling 538,500 square feet. The 46,958-square-foot Nortech 2 and the 41,650-square-foot Nortech 3 are situated at 5875 Peachtree Industrial Blvd., in Norcross, Ga.

Two properties totaling 49,464 square feet each, Peachtree 8 and Peachtree 9 at 5824 Peachtree Crossing E., in Norcross, Ga., round out the list.

Fannin 1 totaling 218,966 square feet is situated at 10001 Fannin St. in Houston, while the portfolio’s only underway development is also at the same address: Fannin 2 encompassing 151,298 square feet.

The current acquisition increases Taurus’ active industrial portfolio to more than 16 million square feet, which is 96 percent leased. Last October, Taurus Investment Holdings purchased another 13-building portfolio across the Dallas-Fort Worth metro and Greater Phoenix.

The owner is also active in the office sector. In January, Taurus Investment Holdings picked up three office properties totaling 377,700 square feet in Newton, Mass., in a transaction valued at $92 million.

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