Boston-based Taurus Investment Holdings has purchased a 1.4M SF industrial portfolio, with properties scattered around the Sun Belt cities of Atlanta, Houston, Tampa and Orlando.
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The portfolio, which encompasses 13 Class-A and B properties, has 51 tenants in total, with an average vacancy just under 4%. Walmart, Raytheon, Iron Mountain, DAP America and SC Johnson are among the properties' tenants.
The portfolio includes two Houston properties at 10001 Fannin St., Fannin 1 and Fannin 2. Fannin 1 is nearly 219K SF and currently has four tenants, while Fannin 2 is under development for an expected 151K SF, with no tenants announced yet.
The largest property in the portfolio is Creekside, a 538.5K SF Atlanta property between 2110 Lawrence Ave. and 2135 Lawrence Ave. It has three tenants.
“Investor demand continues to be tremendous for the industrial sector. This portfolio provided Taurus with a unique opportunity to acquire both Class A and Class B properties, all of which are located within core markets where Taurus has been active for many years,” Taurus CEO Peter Merrigan said a release.
“One of the things we really like is the industrial sector’s ability to be a hedge against inflation and this latest acquisition highlights our continued commitment to adding strategically located industrial assets to our substantial portfolio.”
Taurus cited e-commerce demand and an evolving supply chain as the motivators behind its drive into industrial. With this purchase, called the Sunbelt Infill Portfolio, Taurus now owns 16M SF of industrial properties with more than 700 tenants. It also acquired 27M SF of logistics and distribution space in the last five years, including new acquisitions in Cincinnati and Indianapolis.
“The industrial market is a booming sector in which Taurus continues to have immense success,” Taurus Managing Director Lathan Allen said in the release. “This acquisition underscores our commitment to the industrial sector and reflects our team’s ability to transact in a competitive environment while continuing to generate above-market returns. As a leading operator of industrial properties, we are excited to re-enter the Florida market and to expand our presence in Atlanta and Houston.”
Though Taurus is also expanding its industrial presence, the company has snapped up other properties in recent months, including an Orlando multifamily complex in partnership with Aegon AM, as well as a Concord, Massachusetts, office building.
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