Basis Industrial, a privately held and vertically integrated real estate owner and operator, continued its acquisition spree with the $31.65 million purchase of a seven-property portfolio across Florida’s booming Space Coast. The newly acquired assets total 275,000 square feet.
The latest acquisition closed on Nov. 21. Following the closing, Basis now owns and manages more than 850,000 square feet of multi-tenant industrial real estate. It has three more closings scheduled before the end of 2022 that will bring the firm’s total footprint to more than 1.25 million square feet.
Five of the newly acquired properties are in Melbourne with the other two located in Cocoa.
“We are extremely bullish on the future of the Space Coast as an emerging trade area servicing the aerospace industry,” said Basis Industrial CEO Daniel Weinstein. “The region’s overall growth trickles down to the industrial sector, creating strong demand for the small-bay warehouse space we specialize in. We look forward to implementing our business plan for this seven-property portfolio.”
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 poised to quickly become Florida’s largest small-bay industrial owner and operator.
“Basis is aggressively buying while most of the industry is in wait-and-see mode. We see opportunities in this market, and we plan to capitalize on them,” said Basis Industrial Chief Operating Officer | Partner Anthony Scavo. “Our disciplined strategy and ability to seamlessly execute on acquisitions is resonating with sellers, investors and lenders. We are well-positioned to come out of a broader economic downturn even stronger.”
Other recent Basis acquisitions include:
- 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.
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 C.O.O. and partner to run day to day activities of the company. It has deep roots in the self-storage and industrial sectors. Basis currently owns over 2 million square feet of self-storage and industrial real estate and is scheduled to close another 1 million square feet in 2022. Active markets for Basis include South Florida, Pennsylvania, New Jersey, New York, 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.
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