The former MCSS Self-Storage Development & Investment has rebranded as Basis Industrial and broadened its investment focus to include traditional industrial properties in high-value markets across the nation. In a one-week span, the vertically integrated real estate owner and developer completed significant acquisitions in Miami through its subsidiary BaySpace.
BaySpace purchased a 33,000-square-foot small-bay industrial building located at 3609 Old Winter Garden Road in Orlando. BaySpace will self-manage the property and two additional industrial properties it is acquiring this fall in Central Florida and on the Space Coast.
“Our self-storage venture has been incredibly successful,” said Basis Industrial Partner Daniel Weinstein. “Launching Basis Industrial and subsidiary BaySpace gives us the opportunity to also address pent-up demand for industrial real estate.”
Weinstein and fellow industry veterans Jay Massirman and Stephen Garchik founded Basis, which currently owns more than 2 million square feet of self-storage and industrial real estate and is scheduled to close on another 1 million square feet in 2022. Collectively, 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 actively pursuing multi-tenant industrial assets across Florida, with an eye toward expanding the brand into other Sun Belt regions – and eventually nationwide. The acquisitions scheduled to close this fall are for a 185,000-square-foot small-bay building in Winter Springs and 205,000-square-foot small-bay portfolio in Melbourne.
“We feel emphatically that small-bay, multi-tenant industrial is an underserved asset class,” said Anthony Scavo, BaySpace Head of Property Management and Chief Operating Officer | Partner of Basis Industrial. “We pivoted into the business and are already poised to become the largest small-bay industrial player in the Florida market.”
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