Boston-based Taurus Investment Holdings purchased an infill industrial portfolio located in Chicago, Illinois from Venture One Real Estate for $153.5 million. The portfolio is comprised of more than 1.9 million square feet of space across 28 assets, located in 11 Chicago submarkets. Venture One will continue to manage the portfolio.
“This transaction provides an attractive opportunity to further enhance Taurus’ U.S. industrial platform. Industrial continues to be among the highest-performing asset classes and market fundamentals point toward further growth,” said Peter A. Merrigan, CEO and managing partner of Taurus Investment Holdings.
The properties are currently 98.1 percent leased to 46 international, national, regional and local tenants including companies such as Pactiv, Astronics and Overture. This acquisition marks the second time in 22 months that Taurus has acquired one of the largest Chicago portfolios in that respective year, having previously purchased a 51-building Chicago industrial portfolio from Venture One in June 2018 for $201 million.
“Last mile logistics, especially in large population centers like Chicago, remain one of our highest conviction investment strategies,” said managing director of U.S. industrial at Taurus, Lathan Allen. “This acquisition in particular offered our investors strong tenant and geographic diversification with locations across submarkets that have outperformed the larger market as a whole.”
Capital One provided the debt financing on the acquisition. Taurus has also remained heavily active in the industrial space nationwide. In November 2019, Taurus sold a 95 percent stake in a 117-building portfolio across Atlanta, Chicago, Dallas and Memphis to Investcorp for $614,000,000.