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Summit Executes $190 Million Portfolio Sale

Summit Real Estate Group is pleased to announce that it has executed a $190 million portfolio sale on behalf of Arrowrock Income & Growth Fund III, LP (AIGF III). Assembled over a three year period, the six property portfolio represents 1.6 million square feet throughout Texas, Georgia, and Florida. Boston, MA-based Taurus Investment Holdings, LLC, acquired the portfolio. JLL’s Atlanta, GA office represented Summit in the transaction.

Across the portfolio’s existing buildings, the WALT was 2.7 years and the occupancy was 98% leased to a variety of public and private companies, including Raytheon, Walmart, and Iron Mountain. The sale included two under construction buildings in Houston, TX that are scheduled to be delivered September 2022.

AIGF III’s remaining property, Crossroads 429 Industrial Park, consists of a two building project in Apopka, FL currently under construction and scheduled to be delivered December 2022. Summit will be marketing the project for lease and sale over its construction period and will close out AIGF III, anticipated Q1 2023, following its disposition.

AIGF III’s investment strategy is centered on acquiring and selectively developing warehouse / distribution buildings throughout the Southeast United States and Texas. The portfolio sale drove significant value creation for AIGF III limited partners and provides momentum to Summit’s forthcoming Arrowrock US Industrial Fund IV, LP which will focus solely on ground-up development in the same markets.