Jones Lang LaSalle Incorporated : $157.8M sale of industrial portfolio in Florida, Georgia and Texas closes
July 06, 2022 at 05:54 am EDT
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ATLANTA - July 5, 2022 -JLL Capital Markets announced today that it has closed the $157.8 million sale of a five-property industrial portfolio consisting of 12 buildings located in Georgia, Florida and Texas. The portfolio totals 1.27 million square feet.
JLL marketed the property on behalf of the seller, Summit Real Estate Group. Taurus Investment Holdings, LLC acquired the portfolio.
West Bay Corporate Center and Metropointe Commerce Center
9700 16th St., North St. Petersburg, Florida
9843 18th St., North St. Petersburg, Florida
9400 International Court, North St. Petersburg, Florida
9501 International Court, North St. Petersburg, Florida
9701 International Court, North St. Petersburg, Florida
Corporate Center Fannin I
10001 Fannin St. Building I, Houston, Texas
The assets comprise Class A and B distribution centers and shallow bay properties. 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.
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. 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," Mitchell said. "Companies of all sizes are competing for locations that provide exceptional connectivity to major logistical thoroughfares. As demand for this product type increases, it continues to drive market occupancy and raises rental rates."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Inc. published this content on 05 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 July 2022 09:53:01 UTC.
Jones Lang LaSalle Incorporated is a commercial real estate and investment management company. The Company operates through five segments: Markets Advisory, Capital Markets, Work Dynamics, JLL Technologies and LaSalle. Markets Advisory segment offers local expertise across the globe, covering a comprehensive range of services across asset types. It aggregates such services into three categories: Leasing, Property Management, and Advisory, Consulting and Other. Capital Markets segment provides full-service capital solutions, including Debt advisory, Loan sales, Equity advisory, Loan servicing, and Investment sales and advisory. Work Dynamics segment offers a single, cohesive service delivery team. JLL Technologies segment offers professional services, including program and project management, implementation and support, managed services, and advisory/consulting services. LaSalle segment invests institutional and individual capital in real estate assets and securities.
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