Taurus Investment Holdings Pays $153.5M for Chicago Industrial Portfolio
The portfolio consists of more than 1.9 million square feet of space across 11 of the 19 Chicago submarkets. Capital One provided the debt financing for the acquisition. Venture One will continue to manage the portfolio.
CHICAGO—Taurus Investment Holdings, LLC of Boston has added to its portfolio here with the $153.5-million purchase of the 28-property Chicago Infill Industrial Portfolio from Rosemont, IL-based private equity firm Venture One.
The portfolio consists of more than 1.9 million square feet of space across 11 of the 19 Chicago submarkets. Capital One provided the debt financing for the acquisition. Venture One will continue to manage the portfolio.
The properties are currently 98.1% leased to 46 international, national, regional and local tenants including companies such as Pactiv, Astronics and Overture.
The acquisition marks the second time in 22 months that Taurus has acquired one of the largest Chicago portfolios in that respective year. Taurus previously purchased a 51-building Chicago Industrial Portfolio in June 2018 for $201 million.
“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” says Peter A. Merrigan, CEO and managing partner of Taurus Investment Holdings.
Lathan Allen, managing director of US industrial at Taurus, adds, “Last mile logistics, especially in large population centers like Chicago, remain one of our highest conviction investment strategies. 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.”
Taurus, which has been very active in the industrial space nationwide, made headlines in November 2019, when it sold a 95% stake in a 117-building portfolio across Atlanta, Chicago, Dallas & Memphis to Investcorp for $614 million.
In February of this year, Venture One Real Estate announced that a partnership between Venture One and Kovitz Investment Group, closed on the acquisition of an 36,080-square-foot industrial building located at 236 William St. in Bensenville, Illinois. The multi-tenant building was fully leased at acquisition with a 14,068 square foot unit coming available in September 2020.
The 16-foot clear height building was constructed in 1965 and sits on 1.62 acres of land. It features five docks, four drive-in doors, 800 amps of power and parking for 40 cars. Venture One stated it plans to complete make ready improvements to the 14,068 square foot unit including office renovations and adding energy efficient warehouse lighting.