Basis Industrial purchased a two-story industrial/retail building in Deerfield Beach for $22 million.
Crystal Pointe Commercial Properties, managed by Jeffrey Chauncey in Lighthouse Point, sold the 99,837-square-foot building at 4500 to 4870 N. Powerline Road to WMG Deerfield Small Bay Owner LLC, an affiliate of Coconut Grove-based Basis Industrial. Coral Gables-based Banesco USA provided an $11.9 million mortgage to the buyer. Property data firm Vizzda confirmed the buyer and seller information.
The price equated to $220 per square foot. However, the deal included the buyer paying an additional $2 million to cover closing costs.
The building last traded for $8.5 million in 2006, so it more than doubled in value. That’s a reflection of the strong demand for small bay industrial space in South Florida.
It was built on the 8.2-acre site just east of a landfill in 1987.
Basis Industrial was launched 12 months ago by Jay Massirman, Stephen Garchik and Daniel Weinstein to purchase industrial and self-storage properties across the country. It now owns more than 1.75 million square feet.
“We continue to be extremely interested in South and Central Florida.” said Basis Industrial Chief Operating Officer and President Anthony Scavo. “We believe this region continues to grow and there is still opportunities to grow our footprint in South Florida. The lack of industrial assets, the extremely low vacancy in this asset class and the barriers to entry for new industrial development make this sub-sector of the industrial asset class very attractive.”