Properties are Basis’ First Assets in Tampa
BOCA RATON, FL (April 28, 2023) — Basis Industrial, a privately held and vertically integrated real estate owner and operator based in Boca Raton, Florida, closed on/purchased the “Tampa Industrial Portfolio,” including Brandywine Business Center at 3801 Corporex Park Drive, Tampa, FL, 33619; Corporex Plaza at 3902 Corporex Park Drive, Tampa, 33619; and Presidents Plaza Business Center at 4801 George Road, Tampa, 33634 on April 28. The purchase price was $33 million. The total acquisition cost was above $35 million, as Basis plans to invest heavily in the property.
The properties, totaling 224,108 square feet on 16.1 acres, are Basis’ first assets in Tampa. This acquisition elevates Basis to owning and managing more than 2 million square feet of multi-tenant industrial and mixed-use commercial real estate. Basis has been acquiring this asset class since its launch in January 2022.
Anthony Scavo, COO and president of Basis Industrial, represented Basis in the transaction; Marcus & Millichap represented the seller. JLL sourced debt for the transaction.
“This was a difficult transaction to get closed and we went above and beyond to assist the seller to get it done,” said Anthony Scavo, who was the buyer representative and is Basis’s Chief Operating Officer and President.
Current clients leasing in the “Tampa Industrial Portfolio” are Joffrey’s Coffee, Acree Air Condition, Pharmscript of Florida, Ademco, Inc., Tri-Ed Distribution, Inspectorate America, Echo UES, Inc., National Flood Expert, IGT Global Solutions, Rauland-Borg Corporation, Sunrun, and many more.
Basis plans to expand their footprint in the Tampa Metropolitan Statistical Area (MSA).
“We are thrilled to expand to Tampa by purchasing these valuable properties that fit our acquisition strategy of multi-tenant industrial,” said Daniel Weinstein, CEO of Basis Industrial. “We love Tampa and see many advantages to diversifying our portfolio by tapping into this market. We are bullish on Tampa and hope to grow to 1 million square feet here in the near future.”
“We feel strongly about the growth we are seeing in Tampa and the surrounding areas. We hope to take advantage of it by expanding our acquisitions of select properties,” added Scavo. “We see opportunity in this tumultuous market. When other investors are hiding, we are buying.”
Basis uses its subsidiary management company, BaySpace, to manage the company’s industrial assets. BaySpace now has over 20 employees and manages all 2 million square feet Basis has acquired.
You may find images here: https://www.dropbox.com/sh/wfw1n0hq1vzksa6/AAC1jMXAST_JA-CqpsKo-WoYa?dl=0 (Photos courtesy of Basis Industrial)
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 2.5 million square feet of self-storage and industrial real estate and is scheduled to close another 1 million square feet in 2023. 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 13.5 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.