Last week Tauras paid $10 million for a 78,303-square-foot, single-story office building at 2603 Discovery Drive. The 11-acre parcel also includes 460 parking spaces.
Jeff McFadden, managing partner for Tauras Orlando, said the private equity company already owns a sister property immediately to the south, so it made sense to acquire the building.
The seller was LEI Discovery LLC.
First Florida Integrity Bank provided $7.2 million in financing for the purchase. The building has mulitple tenants: CAE USA Inc., EG&G Defense Materials Inc., URS Federal Support Services, URS Federal Services International Inc., and Fidelity Technologies Corp.
Tauras also has an option to purchase a 4.16 acre parcel of land for a future 30,000 square foot build-to-suit. The company controls 85 undeveloped acres within the research park, according to its website.
"We expect to develop it over the next few years," McFadden said. "It probably would have been developed already if not for the recession."
CFRP Executive Director Joseph Wallace said the Orange County R&D Authority has worked with several developers to build and lease high-tech office space at the park. The relationship with Tauras goes back more than two decades. "They are the longest, continuous development partner we've had," he said. "They've been great partners."
Within the CFRP, Taurus has developed ten projects, acquired four buildings, and sold raw land with considerable success, according to its website. In addition to successfully developing single-story "flex tech" product in the CFRP, Taurus completed Discovery TechCenter II, Phase I, the first LEED Gold certified core/shell spec building in Central Florida. Challenger South Phases I and II, two 75,000 square foot flex-tech buildings, are the most recent projects completed.
Established in 1976, Taurus is a Real Estate Private Equity Company and active deal participant in 30 markets around the world. The company maintains an office in Maitland. Most of its southeastern U.S. investments are in the Orlando market.
McFadden said the company is expanding its holdings in the market. "I just signed a contract today for another office building," he said. "I can't say where it is. It will close in mid-January."