Private equity firm acquires five St. Pete industrial properties in $158M portfolio deal
By Breanne Williams
Tampa Bay Business Journal
Published: Jul 5, 2022

Five St. Petersburg buildings were sold as part of an industrial portfolio to global real estate private equity firm Taurus Investment Holdings.

The company purchased five properties totaling 12 buildings in Georgia, Florida and Texas from Summit Real Estate Group for $157.8 million, according to JLL Capital Markets, which closed the sale. The portfolio totals 1.27 million square feet.

The JLL Capital Markets team representing the seller was led by Dennis Mitchell, Trent Agnew and Louis Castillo.

“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 Florida,” Mitchell said in a release.

In St. Petersburg, five buildings at West Bay Corporate Center and Metropointe Commerce Center were included in the portfolio. The properties are at 9700 16th St. N, 9843 18th St. N, 9400 International Court N, 9501 International Court N and 9701 International Court N.

Taurus has purchased and developed more than 69 million square feet of residential, office, industrial, retail and commercial real estate assets. It has a total acquisition value of more than $10 billion.

The assets in this portfolio acquisition are Class A and Class B distribution centers and shallow bay properties. According to JLL, occupancy across the portfolio is 98%, with “space leased to a variety of high-quality public and private companies, including Raytheon, Iron Mountain, DAP Americas and more.”

“Companies of all sizes are competing for locations that provide exceptional connectivity to major logistical thoroughfares,” Mitchell said in a release. “As demand for this product type increases, it continues to drive market occupancy and raises rental rates.”