Taurus Buys Suburban Orlando Office Campus
- Sep 02, 2020
Taurus Investment Holdings has acquired North Lake Business Park in Altamonte Springs, Fla., for $28.5 million. Public records show MetLife Investment Management originated a $20.8 million acquisition loan for the new owner.
Yardi Matrix data shows Real Capital Solutions sold the 270,555-square-foot campus. The company acquired the asset in 2016 for $17.2 million from Teachers’ Retirement System of the State of Illinois.
Located at 370 Northlake Blvd., the property has a half-mile frontage on Interstate 4. It is situated less than 2 miles from Altamonte Springs Florida Hospital and some 10 miles north of downtown Orlando. Completed in phases between 1981 and 1987, the office park comprises 15 one-story buildings spread across a 29-acre site.
North Lake Business Park was 86 percent leased at the time of sale, with the tenant roster including 39 national and international companies such as BioPlus Specialty Pharmacy, Eizo Rugged Solutions and Wood Group. Executive Managing Director Douglas Mandel from Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer.
In April, Taurus spent $74.5 million for 300 Baker Ave. in Concord, Mass. The 410,300-square-foot property is situated on approximately 75 acres and is home to electronics manufacturer GenRad.