Basis Industrial Purchases Two Central Florida Assets In $75 Million Transaction

Basis Industrial, a privately held and vertically integrated real estate owner and operator based in Boca Raton, Florida, represented by its president, Anthony Scavo, closed on the purchase of Winter Garden Business Park, located at 1218-1232 Winter Garden Vineland Road in Winter Garden for $24.95 million. Ron Rogg of CBRE represented the seller, Westminster Capital, in the transaction. Located 10 minutes from Florida’s Turnpike, the 91,727-square-foot property offers accessibility to SR 429, SR 417, and SR 408. It sits in the heart of the swiftly developing northwest Orange County submarket. Current tenants include DaVita, Orlando Health, BoxTribe Weightlifting, APTIM Government Solutions, and Budget Insurance Offices. Basis plans for future interior renovations, roof maintenance, exterior upgrades, CCTV, and signage.

Scavo also represented Basis in its $49,592,500 purchase of North Lake Business Park, a 271,988-square-foot property located at 370-774 Northlake Boulevard in Altamonte Springs, Florida. Robbie McEwan and Cody Brias of JLL represented the seller, Jeff McFadden, principal of Taurus Investment Holdings. The property is currently at 84% occupancy with a broad tenant portfolio of 37 different businesses including BioPlus, Miller Electric Company, Research America, THR Property Management, Soleo Health, My Favorite Therapists Orlando, Geopoint Surveying, and Owen Electric Company. Basis plans for future interior renovations and improvements, supply and installation of roll-up door, roof maintenance, exterior upgrades, CCTV, access controls and lighting. High resolution images are available here.

The deal was part of a four-commercial-property acquisition in Florida and Texas, as well as the refinance of two of its current commercial properties in Florida.  The complex transaction, which totaled $220 million, closed on November 30.

Bank United, Banesco and Thorofare provided roughly $110 million in loan proceeds. Beach Point Capital Management provided a preferred equity/mezzanine loan of roughly $70 million, with the sponsors, Basis and NexPoint, funding the remaining. The transaction encompassed all six properties under one shallow bay/multi-tenant industrial portfolio totaling 1,328,443 square feet.

“This $220 million portfolio transaction combining acquisitions, refinancing, multiple lenders and mezzanine financing represents our ability to achieve success in diversifying our asset classes and locations. This transaction, which took months, involved multiple sellers and lenders. It was extremely difficult, but we worked through it and got it closed,” said Scavo. “We appreciate the sellers for working with us on extensions that gave us time to piece this difficult transaction together. Shallow Bay industrial assets have done very well for us, and we are extremely pleased to close on these properties to complete this portfolio, which offers unique benefits in strategic locations.”

“This is a huge step for Basis’ growth and my vision,” added Daniel Weinstein, founder and CEO of Basis Industrial. “We expect to add millions of square feet over the next few years in targeted Sun Belt markets, and I want to thank my team for all their work on this enormous and complicated transaction.”