BOCA RATON, Fla., Jan. 26, 2024 /PRNewswire/ — Basis Industrial, a privately held and vertically integrated real estate owner and operator based in Boca Raton, Florida, was recognized as the winner of Commercial Observer’s Breakthrough Awards in the Industrial Transaction of the Year category. Basis won for its acquisition of the Tampa Industrial Portfolio in Tampa, FL on April 28, 2023, for $33 million. Basis received the award at a Jan. 24, 2024, ceremony at 22 Vanderbilt in New York City.
The Industrial Transaction of the Year category recognizes an exceptional commercial real estate transaction involving industrial properties, such as warehouses, logistics centers, or manufacturing facilities, considering factors such as deal size, tenant profile, market impact, and innovation.
Tampa Industrial Portfolio was an extremely difficult one to close, but Basis went above and beyond to assist the seller to get it done. The portfolio includes Brandywine Business Center at 3801 Corporex Park Drive, Tampa, FL, 33619; Corporex Plaza at 3902 Corporex Park Drive, Tampa, 33619; and Presidents Plaza Business Center at 4801 George Road, Tampa, 33634. The total acquisition cost was above $35 million, as Basis plans to invest heavily in the property.
The properties, totaling 224,108 square feet on 16.1 acres, are Basis’ first assets in Tampa. Basis plans to expand its footprint in the Tampa Metropolitan Statistical Area (MSA) as it is bullish on the Tampa market and sees many advantages to expanding to the area.
Anthony Scavo, president and COO of Basis Industrial, represented Basis in the transaction; Marcus & Millichap represented the seller. JLL sourced debt for the transaction. This is one of the largest small bay industrial deals in the past 12-18 months in the area. There is significant demand for this product type, but there is low inventory for sale.
“We are honored to be selected by Commercial Observer as the winner in the Industrial Transaction of the Year category,” said Scavo. “Our team worked extremely hard on this difficult transaction, so it’s rewarding to see the success of this acquisition continue.”
“Commercial Observer is a highly respected publication in the real estate industry, and I am proud of our Basis Industrial team for winning this award,” said Daniel Weinstein, CEO of Basis Industrial. “This was a special acquisition for Basis as these were our first assets in Tampa. We look forward to expanding our footprint even more in the area and hope to bring just as much success as this 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 4 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 Florida, Pennsylvania, New Jersey, New York, Texas, Boston, Los Angeles, Alabama 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. In 2023, Basis Industrial was ranked the No. 1 fastest-growing company by South Florida Business Journal. BaySpace is the property management arm of Basis. In 2024, Basis was the winner of Commercial Observer’s Breakthrough Awards in the Industrial Transaction of the Year category. For more information, visit www.basisindustrial.com or www.bayspace.com.
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SOURCE Basis Industrial