ALTAMONTE SPRINGS, FL—A global real estate private equity firm, Taurus Investment Holdings, has acquired a 15-asset office portfolio here for $28.5 million. The seller of the North Lake Business Park was Real Capital Solutions, which was represented by Institutional Property Advisors, a division of Marcus & Millichap.
The business park has a diverse mix of regional and national tenants that provide long-term cash-flow security, according to IPA executive managing director Douglas K. Mandel. In addition, the variety of building types, units and loading options offer considerable flexibility and excellent potential upside, he said in prepared remarks.
For Taurus, which is headquartered in Boston, the acquisition is familiar territory. It has been investing in the Orlando office market for over 25 years and is confident in its resiliency and future growth potential, according to CEO Peter A. Merrigan. "We found the Northlake acquisition particularly attractive due to its location and the tenants' ability to completely control their employee and client environments," he said.
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A 10-minute drive from Downtown Orlando, the property has a half-mile of frontage on Orlando's Interstate 4. The Altamonte Springs SunRail station is three miles from the property, State Road 436/Altamonte Drive is less than a mile away, and the area's largest retail complex, the Altamonte Mall, is close by.
Constructed between 1982 and 1987 on 29 acres, the 15-building, 270,000-square-foot business park is approximately 75% office space and 25% air-conditioned warehousing. The average unit size is 5,000 square feet. At the time of the sale, the property was 90% leased to a mix of technology, real estate and healthcare tenants.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
