Basis Industrial Closes The Year With $36.5 Million Orlando Acquisition

Basis Industrial, a privately held and vertically integrated real estate owner and operator, capped off its inaugural year with the $36.5 million purchase of a mixed-use asset in the Orlando market from. TerraCap Management LLC. TerraCap purchased the asset in October 2020 for $24,000,000.

The newly acquired asset totals 196,000 square feet comprised of six single-story office/flex buildings, with major tenants including Frontier Airlines, FedEx, Johnson Controls and The National Kidney Foundation. The property formally known as Orlando International Business Center is the premier industrial/flex park in the area.

The acquisition closed on December 19.

At year-end, Basis now owns and manages more than 1.25 million square feet of multi-tenant industrial and mixed-use commercial real estate. Basis has been acquiring this asset class since its launch in March 2022.

“Our team set out and accomplished the goal of acquiring 1 million square feet by the end of the year,” said Basis Industrial CEO Daniel Weinstein. “It was an excellent start for our venture, and we won’t stop here. We have several deals under contract that are scheduled to close early next year.”

In a short amount of time, Basis has assembled an extensive portfolio of existing multi-tenant industrial and self-storage space and development sites – with a focus on Florida and the Sun Belt. The firm is in position to become Florida’s largest small-bay industrial owner and operator. Basis has active developments in 12 states.

“We are so proud of our accomplishments and are extremely optimistic for the future,” said Basis Industrial COO Anthony Scavo. “Our disciplined strategy and priorities are resonating with sellers, investors and lenders. We are going to continue acquiring in and outside of Florida, with our goal being 3 million square feet in 2023.”

Other recent Basis acquisitions include:

• The Gateway and Commerce Business Park consisting of nine buildings totaling more than 250,000 square feet in Orlando
• The Space Coast portfolio purchase of seven distinct properties across Melbourne and Cocoa. 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. BaySpace now has over 20 employees and manages all 1.25 million square feet Basis has acquired.