June 12, 2006 Monday
Winter Park firm buys four local office parks for $70M
A Winter Park investment firm that bought a Downtown office building last year has increased its local presence significantly after buying four office parks for $70 million.
Taurus Southern Investments LLC completed a deal June 9 in which it bought the office parks from Phillips & Co. Taurus acquired Greystone Park (212,240 square feet), The Meridian at Deerwood (200,931), Central Park (217,968) and Central Park East (67,362).
Taurus entered the Jacksonville market when it bought the Greenleaf-Crosby building Downtown last fall. It has renovated the building and converted it into office condominiums, and is offering full floors for sale to tenants and investors.
Tenants in its latest acquisitions include Cisco Systems, Gulf Atlantic Financial, Magellan Academy and Payformance. Taurus Managing Partner Jeff McFadden said the company will retain the property manager and building engineers at the four office parks, and will invest $18 million to improve the properties.
"We anticipate that the Jacksonville market will continue to prosper, and we look forward to increasing our local presence in this market and becoming a part of the dynamic that is being created here," McFadden said.
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