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Basis Industrial Closes On/Purchases Four Assets and Refinances Two Assets, Totaling 1,328,443-Square-Foot Portfolio in $220 Million Transaction

Basis Industrial is proud to announce the successful closure and purchase of four commercial properties across Florida and Texas, in addition to refinancing two assets in Florida, culminating in a 1,328,443-square-foot portfolio in a $220 million transaction.

On November 30, 2023, Basis Industrial has fortified its presence through strategic property acquisitions and refinancing. The financial backing for this complex transaction was substantial, with Bank United, Banesco, and Thorofare contributing approximately $105 million in loan proceeds. Beach Point Capital Management augmented this with a preferred equity/mezzanine loan of approximately $70 million, while Basis and NexPoint covered the remaining costs.

The transactions for the four acquired properties total approximately $160 million and include the Winter Garden Business Park, the North Lake Business Park, and two properties located on Ludelle Street and Blue Smoke Court in Fort Worth, Texas. Each property has been carefully selected for its strategic value.

For example, the Winter Garden Business Park, a 91,727-square-foot asset, was acquired for $24.95 million and is poised for future enhancements including interior renovations and various upgrades to improve the facility’s value and appeal.

Basis Industrial’s commitment to enhancing these properties is evident in the planned upgrades, which encompass interior renovations, roof maintenance, and security enhancements to meet and exceed current market demands and tenant expectations.

Additionally, the refinancing of the Crystal Point, Gateway and Commerce Point properties signifies Basis Industrial’s ongoing investment in and optimization of its portfolio.

This $220 million portfolio transaction underscores Basis Industrial’s adeptness in executing complex transactions involving acquisitions, refinancing, and diverse financing structures. Anthony Scavo, the president of Basis Industrial, acknowledges the challenging nature of this transaction, which involved multiple sellers and lenders. Despite the complexities, the deal was brought to a successful close through persistence and collaboration.

Daniel Weinstein, the founder and CEO of Basis Industrial, emphasizes the significance of this transaction as a pivotal move for the company’s growth, particularly in the Sun Belt markets. This strategic expansion is expected to add millions of square feet to Basis Industrial’s holdings in the forthcoming years.

The completion of this transaction not only exemplifies Basis Industrial’s capacity to navigate intricate real estate deals but also represents a significant advancement in its operational footprint, offering strategic advantages within its diversified portfolio.

About Basis Industrial

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 COO/President to run day-to-day activities of the company. Together they have over 100 years of combined Real Estate Development and Management experience. It has deep roots in the self-storage and industrial sectors. Basis currently owns over 3 million square feet of self-storage and industrial real estate and is scheduled to close and/or complete another 2 million square feet in 2024. Active markets for Basis include South Florida, Pennsylvania, New Jersey, New York, Texas, Boston, Los Angeles and select urban markets nationwide. In total, the sponsors have developed and managed over 15 million square feet of real estate assets including self-storage, industrial, retail, office and residential. BaySpace is the property management arm of Basis. For more information, visit www.basisindustrial.com or www.bayspace.com

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