Real Estate Owner & Operator Basis Industrial Closes On/Purchases Four Assets and Refinances Two Assets, Totaling 1,328,443-Square-Foot Portfolio in $220 Million Transaction

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Dec 04, 2023, 08:51 ET

BOCA RATON, Fla., Dec. 4, 2023 /PRNewswire/ -- Basis Industrial, a privately held and vertically integrated real estate owner and operator based in Boca Raton, Florida, closed on/purchased four commercial properties in Florida and Texas, as well as refinanced two of its current commercial properties in Florida on Nov. 30, 2023. The complex transaction totaled $220 million.

Basis Industrial Closes On/Purchases Four Assets and Refinances Two Assets, Totaling 1,328,443-Square-Foot Portfolio in $220 Million Transaction

Bank United, Banesco and Thorofare provided roughly $105 million in loan proceeds. Beach Point Capital Management provided a preferred equity/mezzanine loan of roughly $70 million, with the sponsors, Basis and NexPoint, funding the remaining. The transaction encompasses all six properties under one shallow bay/multi-tenant industrial portfolio totaling 1,328,443 square feet.

The four acquired properties, totaling approximately $160 million in transactions, include:

Winter Garden Business Park, 1218-1232 Winter Garden Vineland Road, Winter Garden, FL 34787
Basis Industrial, represented by its president, Anthony Scavo, closed on this 91,727-square-foot property for $24.95 million. Ron Rogg of CBRE represented the seller, Westminster Capital. Located 10 minutes from Florida's Turnpike, the property offers accessibility to SR 429, SR 417, and SR 408. It sits in the heart of the swiftly developing northwest Orange County submarket. Current tenants include DaVita, Orlando Health, BoxTribe Weightlifting, APTIM Government Solutions, and Budget Insurance Offices. Basis plans for future interior renovations, roof maintenance, exterior upgrades, CCTV, and signage. High-resolution images are available here.

North Lake Business Park, 370-774 Northlake Boulevard, Altamonte Springs, FL 32701
Scavo represented Basis in its $49,592,500 purchase of this 271,988-square-foot property. Robbie McEwan and Cody Brias of JLL represented the seller, Jeff McFadden, principal of Taurus Investment Holdings. The property is currently at 84% occupancy with a broad tenant portfolio of 37 different businesses including BioPlus, Miller Electric Company, Research America, THR Property Management, Soleo Health, My Favorite Therapists Orlando, Geopoint Surveying, and Owen Electric Company. Basis plans for future interior renovations and improvements, supply and installation of roll-up door, roof maintenance, exterior upgrades, CCTV, access controls and lighting. High resolution images are available here.

I-30 (Ludelle, Blue Smoke, Tillar), 2301-2759 Ludelle Street, Fort Worth, TX, 76105
Basis, represented by Scavo, closed on this 421,721-square-foot property for $57.175 million. Stephen Bailey and Zach Riebe of Newmark represented the seller, Tillar/LanCarte. Current tenants include ARCO Contractors Supply, Micro Mold, St. Matthew's Church, OFCO, Penn-Tex Plastics, King Street Productions, Innovative Environmental Technologies and Liyu Optoelectronic. Basis plans for interior renovations, roof maintenance, exterior upgrades and improvements, CCTV, access controls and lighting, signage, and marking and striping. High resolution images are available here.

Blue Smoke 2, 2301-2367 Blue Smoke Court, 2424 Blue Smoke Court South and 2400
Ludelle Building, Fort Worth, TX 76105
Scavo represented Basis in the purchase of this 161,418-square-foot property, located next to I-30, for $24.025 million. Bailey and Riebe of Newmark represented the seller, PHP. Current tenants include ARCO Contractors Supply, Schaefer Mold, MSG Distributors, Lone Star Bingo, BELFOR, and Pan American Wire. Basis plans for interior renovations and improvements, roof maintenance, exterior upgrades, CCTV, access controls and lighting, signage, and marking and striping. High resolution images are available here.

Basis refinanced its 96,888-square-foot Crystal Pointe property, located at 4500-4870 North Powerline Rd., Deerfield Beach, FL 33073, which is 100% leased; and its 253,701-square-foot Gateway and Commerce Point property, located at 7550-7800 Southland Blvd., Orlando, FL 32809, which is 97.6% leased.

"This $220 million portfolio transaction combining acquisitions, refinancing, multiple lenders and mezzanine financing represents our ability to achieve success in diversifying our asset classes and locations. This transaction, which took months, involved multiple sellers and lenders. It was extremely difficult, but we worked through it and got it closed," said Scavo. "We appreciate the sellers for working with us on extensions that gave us time to piece this difficult transaction together. Shallow Bay industrial assets have done very well for us, and we are extremely pleased to close on these properties to complete this portfolio, which offers unique benefits in strategic locations."

"This is a huge step for Basis' growth and my vision," added Daniel Weinstein, founder and CEO of Basis Industrial. "We expect to add millions of square feet over the next few years in targeted Sun Belt markets, and I want to thank my team for all their work on this enormous and complicated transaction."

About Basis Industrial
Basis Industrial is a vertically integrated real estate owner and operator formed by industry veterans and sponsors Jay Massirman, Stephen Garchik and Daniel Weinstein. Basis brought Anthony Scavo on as COO/President to run day-to-day activities of the company. Together they have over 100 years of combined Real Estate Development and Management experience. It has deep roots in the self-storage and industrial sectors. Basis currently owns over 3 million square feet of self-storage and industrial real estate and is scheduled to close and/or complete another 2 million square feet in 2024. Active markets for Basis include South Florida, Pennsylvania, New Jersey, New York, Texas, Boston, Los Angeles and select urban markets nationwide. In total, the sponsors have developed and managed over 15 million square feet of real estate assets including self-storage, industrial, retail, office and residential. BaySpace is the property management arm of Basis. For more information, visit www.basisindustrial.com or www.bayspace.com.