Basis Industrial Acquires 1,328,443-Square-Foot Portfolio in $220 Million Transaction

Basis Industrial, a privately held and vertically integrated real estate owner and operator based in Boca Raton, Florida, closed on/purchased four commercial properties in Florida and Texas, as well as refinanced two of its current commercial properties in Florida on Nov. 30, 2023. The complex transaction totaled $220 million.

Bank United, Banesco and Thorofare provided roughly $105 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 encompasses all six properties under one shallow bay/multi-tenant industrial portfolio totaling 1,328,443 square feet.

The four acquired properties, totaling approximately $160 million in transactions, include:

Winter Garden Business Park, 1218-1232 Winter Garden Vineland Road, Winter Garden, FL 34787

Basis Industrial, represented by its president, Anthony Scavo, closed on this 91,727-square-foot property for $24.95 million. Ron Rogg of CBRE represented the seller, Westminster Capital. Located 10 minutes from Florida’s Turnpike, the 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. 

North Lake Business Park, 370-774 Northlake Boulevard, Altamonte Springs, FL 32701

Scavo represented Basis in its $49,592,500 purchase of this 271,988-square-foot property. 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. 

I-30 (Ludelle, Blue Smoke, Tillar), 2301-2759 Ludelle Street, Fort Worth, TX, 76105

Basis, represented by Scavo, closed on this 421,721-square-foot property for $57.175 million. Stephen Bailey and Zach Riebe of Newmark represented the seller, Tillar/LanCarte. Current tenants include ARCO Contractors Supply, Micro Mold, St. Matthew’s Church, OFCO, Penn-Tex Plastics, King Street Productions, Innovative Environmental Technologies and Liyu Optoelectronic. Basis plans for interior renovations, roof maintenance, exterior upgrades and improvements, CCTV, access controls and lighting, signage, and marking and striping. 

Blue Smoke 2, 2301-2367 Blue Smoke Court, 2424 Blue Smoke Court South and 2400

Ludelle Building, Fort Worth, TX 76105

Scavo represented Basis in the purchase of this 161,418-square-foot property, located next to I-30, for $24.025 million. Bailey and Riebe of Newmark represented the seller, PHP. Current tenants include ARCO Contractors Supply, Schaefer Mold, MSG Distributors, Lone Star Bingo, BELFOR, and Pan American Wire. Basis plans for interior renovations and improvements, roof maintenance, exterior upgrades, CCTV, access controls and lighting, signage, and marking and striping.

Basis refinanced its 96,888-square-foot Crystal Pointe property, located at 4500-4870 North Powerline Rd., Deerfield Beach, FL 33073, which is 100% leased; and its 253,701-square-foot Gateway and Commerce Point property, located at 7550-7800 Southland Blvd., Orlando, FL 32809, which is 97.6% leased.

“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.”