Basis Industrial, a privately held and vertically integrated real estate owner and operator, continued its flurry of acquisitions with the $32 million purchase of a mixed-use asset in the Orlando market. The newly acquired assets total 254,000 square feet, with 150,000 square feet of multi-tenant flex space and 100,000 square feet of office suites.
The acquisition of the 7550-7800 Southland Blvd. property closed on Nov. 30. Following the closing, Basis now owns and manages more than 1.1 million square feet of multi-tenant industrial and mixed-use real estate. This transaction also brings the firm’s total portfolio in the Orlando market to over 600,000 square feet.
“We are extremely bullish on the Orlando market, as strong population growth and the evolving distribution landscape has increased the need for high-quality and well positioned industrial assets,” said Basis Industrial CEO Daniel Weinstein. “One of our first industrial transactions was in Orlando and we plan to continue growing our footprint there.”
The Orlando acquisition immediately follows Basis closing on a four-acre development site in Melbourne – part of Florida’s Space Coast region. Basis plans to develop a Class A self-storage facility with 125,000 square feet on the 2480 Aurora Road site, which it purchased on Nov. 22. The firm’s roots are in self-storage, and it remains active in the sector with a more selective focus on acquisition targets.
In only nine months since its initial launch, Basis has amassed a vast portfolio of existing multi-tenant industrial and self-storage space and development sites – with a focus on Florida and the Sun Belt. Basis has active developments in 12 states.
The firm is becoming Florida’s largest small-bay industrial owner and operator.
“We are perhaps the only group actively acquiring and self-managing in this asset class,” said Basis Industrial Chief Operating Officer | Partner Anthony Scavo. “Our in-house management company BaySpace and decades of institutional experience enables us to take on the work involved with managing properties that – in some instances – have more than 200 tenants. We continue to see opportunities in this uncertain market and plan to capitalize on the right deals.”
Other recent Basis acquisitions include:
- The Space Coast portfolio purchase of seven distinct properties across Melbourne and Cocoa, Florida. The 25 buildings total more than 275,000 square feet. Basis has the ability to add an additional 15,000 square feet, bringing the total to more than 290,000 square feet
- The former Belle Avenue Commerce Center in Orlando, now called BaySpace Belle, a small-bay industrial park that Basis is expanding with an additional 7,500 square feet to bring the total size to 193,000 square feet
- A 70,000-square-foot, multi-tenant industrial building in St. Petersburg now called BaySpace St. Pete
- The former Megacenter Palmetto, a 180,000-square-foot mixed-use building comprised of self-storage, small-bay industrial and coworking suites, in Miami. The building is now branded as BaySpace Medley
- An additional 33,000-square-foot small-bay industrial building in Orlando, now called BaySpace OWG
Basis uses its subsidiary management company, BaySpace, to manage the company’s industrial assets.