Rapidly growing real estate owner and operator picks up another 60,000 square feet of well-located, multi-tenant warehouse space including 100,000+ additional square feet of development potential.
ARMONK, NY – (March 3, 2023) – Basis Industrial, a privately held and vertically integrated real estate owner and operator, continued its acquisition spree with the $30 million purchase of a multi-tenanted warehouse and development parcel in Westchester County, NY. The newly acquired asset totals 60,000 square feet of existing warehouse and an adjacent development parcel where Basis plans to develop a warehouse and Self-Storage building totaling over 100,000 SFT.
The latest acquisition closed Friday March 3rd, 2023. Following the closing, Basis now owns and manages more than 1.5million square feet of multi-tenant industrial real estate. Basis self-manages these assets through their in-house management company BaySpace.
“We are extremely bullish on Westchester County,” said Basis Industrial COO & President Anthony Scavo. “The region continues to grow and prosper as other areas in NY contract. The lack of industrial assets, the extremely low vacancy in this asset class and the barriers to entry for new industrial development make this area very attractive. We look forward to implementing our business plan and continuing to expand in this region.”
In only twelve 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, the Sun Belt & Northeast. Basis has active developments in 12 states.
“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 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.”