Basis Industrial, a privately held and vertically integrated real estate owner and operator, just acquired two small-bay warehouse properties in Orlando and St. Petersburg, Florida. The growing firm has numerous additional acquisitions in the pipeline over the next few months.
In Orlando, Basis purchased the former Belle Avenue Commerce Center, a small-bay industrial park located at 1255 Belle Ave. Basis will be expanding the park with an additional 7,500 square feet of warehouse space, which will bring the total square footage to 193,000 square feet. The park currently has over 125 tenants and over 150 bays.
“We successfully navigated a complex year-long process to complete this acquisition,” said Basis Industrial CEO | Partner Daniel Weinstein. “We are excited to implement our program to enhance and add substantial value to the asset in this high-demand market.”
In St. Petersburg, Basis purchased a 70,000-square-foot, multi-tenant industrial building located at 2442 23rd Street Noth. Basis plans to add another 9,500 square feet on an adjacent development parcel. The building is situated next to I-275, making for excellent visibility and a strong tenant roster.
Over the past five months, Basis has closed on more than 550,000 square feet of small-bay and multi-tenant industrial product, an ambitious pace that the company intends to continue and accelerate. Basis has an additional 750,000 square feet under contract, with individual closings expected over the next sixth months.
“We are making great progress in our mission to become Florida’s largest small-bay industrial player,” said Basis Industrial Chief Operating Officer | Partner Anthony Scavo. “At our current rate of property acquisition, we will surpass the one million square feet milestone by the end of 2022.” Basis uses its subsidiary management company, BaySpace, to manage the company’s industrial assets.