Basis Industrial, One Investment Management Announce $144.6 Million Industrial Portfolio Acquisition, Strategic Joint Venture

Basis Industrial, a vertically integrated real estate owner and operator, and One Investment Management (OneIM), a global alternative investment management firm, announced the acquisition of an 839,001-square-foot shallow bay industrial package spanning the Orlando and Atlanta markets for $144.6 million.

The off-market acquisition includes Lake Point Business Park in Orlando, totaling 134,389 square feet, which was purchased for $27.6 million, and Challenger South I and II in Orlando, totaling 146,538 square feet, which was purchased for $27 million. The transaction also included the Breckinridge Shallow Bay Portfolio in Duluth, Ga., totaling 558,074 square feet.

The transaction closed on March 31.

The acquisition was completed as part of a broader programmatic joint venture between Basis Industrial and OneIM that, including leverage, is expected to aggregate and own between $1 billion and $1.5 billion in industrial properties across the United States. The venture will be seeded with the acquisition of the referenced portfolio.

The investment aligns with the joint venture’s strategy to acquire and operate multi-tenant industrial assets, with a focus on creating long-term value creation through active management. The portfolio provides immediate scale across two high-growth markets and is focused on shallow bay industrial assets in well-located submarkets.

Basis Industrial was represented by Anthony Scavo, president and managing partner. Luke Colbert of Albany Road represented the seller.

Mo Beler, co-head of Walker & Dunlop Capital Markets Equity and Structured Finance, advised on the programmatic equity raise, along with Jonathan Paine, Cory Elbaum and Jackson Irwin. Aaron Appel, Jonathan Schwartz and Michael Brown of Walker & Dunlop Capital Markets Institutional Advisory assisted in sourcing the debt for the project.

“We have been pursuing this off-market portfolio for the past 16 months and are thrilled to have been awarded the deal due to our strong relationships and stellar track record,” said Scavo, President and Managing Partner at Basis Industrial. “This acquisition allows Basis to further grow its footprint in Central Florida while also entering the Atlanta market in a big way. The seller received several unsolicited offers to acquire this portfolio, but certainty to close was one of the major factors in awarding us the deal. When you sell to Basis, you know they will close.”