JLL has closed the $157.8 million sale of a five-property industrial portfolio consisting of six buildings in Orlando and North St. Petersburg, FL plus six buildings stretched across Atlanta, GA and Houston, TX. The portfolio totals 1.27 million square feet.
Dennis Mitchell, Trent Agnew and Louis Castillo of JLL represented the seller, St. Louis-MO based Summit Real Estate Group. Boston, MA-based Taurus Investment Holdings, LLC, acquired the portfolio.
The assets comprise Class A and B distribution centers and shallow bay properties. Occupancy across the portfolio is 98% leased to a variety of public and private companies, including Raytheon, Iron Mountain and DAP Americas.
“The JLL team saw strong demand for this core/core plus industrial offering due to the ability to acquire critical mass in infill locations across Atlanta, Houston and Central FL,” said Mitchell. “The portfolio had a unique profile due to its 2.7-year WALT on existing assets, allowing for a short-term mark-to-market opportunity with committed tenancy.”
The industrial portfolio consists of:
North St. Petersburg, FL
West Bay Corporate Center
9700 16th Street and 9843 18th Street
Metropointe Commerce Center
9400, 9501, and 9701 International Court
3470 Maggie Boulevard
East Point, GA
Creekside Distribution Center
2110 Lawrence Avenue
Peachtree Corners, GA
5824, 5834, 5875 and 5885 Peachtree Industrial Boulevard
Corporate Center Fannin I
10001 Fannin St. Building I