NexPoint Expands Industrial Real Estate Footprint with Acquisition of Four Small Bay Multi-Tenant Properties in Central Florida

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Jun 20, 2023, 08:30 ET

Properties are comprised of small bay industrial multi-tenant assets in Tampa and Orlando

DALLAS, June 20, 2023 /PRNewswire/ -- NexPoint, a multibillion-dollar alternative investment platform, today announced the acquisition of four multi-tenant small bay properties in Central Florida. The acquisition consists of 13 buildings totaling 419,946 square feet of multi-tenant warehousing and industrial space. These types of facilities are typically smaller in size and are commonly referred to as "small bay properties." The properties were indirectly acquired by NexPoint Small Bay I DST, a Delaware statutory trust seeking to raise $59.5 million in equity from accredited investors via a private placement offering.

The properties, which are located in Orlando and Tampa, are comprised of:

Presidents Plaza, a 44,269 square-foot, two-building, multi-tenant complex in Tampa;
Brandywine Business Center, a 79,124 square-foot, two-building, multi-tenant complex in Tampa;
Corporex Plaza, a 100,265 square-foot, three-building, multi-tenant complex in Tampa; and
Orlando International Business Center, a 196,288 square-foot, six-building, multi-tenant complex in Orlando.

The addition of these small bay properties builds on NexPoint's existing portfolio of industrial multi-use commercial real estate in markets that are experiencing significant demand for this sub-sector, driven by low supply, high occupancy rates and flexible use cases for tenants that may need smaller units with logistical loading and receiving bays.

"We continue to witness increasing demand for prime industrial properties located in growing markets where companies and small businesses are looking for flexible space to better serve local customers," said Taylor Colbert, Director of Real Estate for NexPoint Real Estate Advisors. "We believe there are significant tailwinds to support further growth, and we are committed to scaling our footprint in this notable sector."

NexPoint currently owns 1.6 million net rentable square feet of industrial real estate across Texas and Florida and is partnering with a privately held and vertically integrated real estate owner and operator, Basis Industrial, to manage the newly acquired properties.

"We are thrilled with our expanding partnership with NexPoint and are looking forward to implementing our hands-on management approach to optimize the performance of this prime industrial portfolio," said Dan Weinstein, CEO of Basis Industrial. "These assets have strong fundamentals, and we are excited to add them to our growing portfolio of owned and managed assets." Basis uses its subsidiary management company, WMG Small Bay Management, LLC d/b/a/ BaySpace, to manage the company's industrial assets.

About NexPoint

NexPoint is a multibillion-dollar alternative investment firm comprised of a group of investment advisers and sponsors, a broker-dealer, and a suite of related investment vehicles. NexPoint provides differentiated access to alternatives through a range of investment solutions, including public and private real estate investment trusts, tax-advantaged real estate vehicles, merger arbitrage and event-driven strategies, other private real estate investments, closed-end funds, interval funds, and a business development company. NexPoint is based in Dallas, Texas and is part of a network of affiliates with expertise across the asset management and financial services spaces. For more information, visit nexpoint.com.

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 currently owns over 2.5 million square feet of self-storage and industrial real estate and is scheduled to close on another one million square feet in 2023. Active markets for Basis include South Florida, Pennsylvania, New Jersey, New York, Texas, Boston, Los Angeles and select urban markets nationwide. BaySpace is the property management arm of Basis. For more information, visit www.basisindustrial.com or www.bayspace.com.

Important Disclosures

Only "accredited investors" (as that term is defined in Rule 501 promulgated under the Securities Act of 1933) who meet certain minimum requirements may invest. Investing in NexPoint Life Sciences II DST interests involves a high degree of risk. Past performance does not guarantee future results. Before investing, please review the applicable offering materials, including NexPoint Small Bay DST's Confidential Private Placement Memorandum as amended or supplemented from time to time, including the "risk factors" noted therein.

Contacts

Media Relations

Mike Geller, Prosek Partners for NexPoint

[email protected]

Investor Relations

Kristen Thomas, NexPoint

[email protected]

SOURCE NexPoint