Real Estate Owner & Operator Basis Industrial Closes On/Purchases Three Assets in Texas and Florida, Totaling 1,107,509-Square-Foot Portfolio

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Sep 18, 2024, 08:43 ET

BOCA RATON, Fla., Sept. 18, 2024 /PRNewswire/ -- Basis Industrial, a privately held and vertically integrated real estate owner and operator based in Boca Raton, Florida, closed on/purchased three commercial assets in Texas and Florida totaling 1,107,509 square feet on Aug. 29, 2024.

Basis Industrial Closes On/Purchases Three Assets in Texas and Florida, Totaling 1,107,509-Square-Foot Portfolio

Beach Point Capital Management is the lender for the transactions with Newmark facilitating the debt sourcing, which encompasses multiple shallow bay multi-tenant industrial properties and an institutional-quality business park. The acquisition of DFW II and DFW III & Houston I, puts Basis Industrial above 1 million square feet of shallow bay/multi-tenant industrial space in Dallas/Fort Worth. Basis' acquisition of Pinellas Business Center in St. Petersburg grows its Tampa Metropolitan Statistical Area (MSA) portfolio to 650,000 square feet. Basis will own 1 million square feet of property in the Tampa MSA by the end of 2024.

The three acquired assets include:

DFW II, Dallas/Fort Worth area, Texas
Basis Industrial, represented by its managing partner Anthony Scavo, closed on this 439,916-square-foot asset, including eight properties. Stephen Bailey of Newmark represented seller Bob Anderson of Birtcher Anderson & Davis. The properties benefit from their location near significant demand drivers and major transportation arteries. Current tenants include California Fruit Exchange, 1 Dust Group, Midpoint Auto Group, and Liturgical Publications. Basis plans for future renovations including the exterior, roof replacement, HVAC replacement, drainage, landscape, and more. High-resolution images are available here. The properties are located at:

2901, 2905, 2921, 2951 Suffolk Drive, Fort Worth, Texas, 76133
1655-1663 Hickory Drive, Haltom City, Texas, 76117
1100-1220 Luke Street, Irving, Texas, 75061
2526 Manana Drive, Dallas, Texas, 75220
4101 Lindbergh Drive, Addison, Texas, 75001
3300 Garden Brook Drive, Farmers Branch, Texas, 75234
3113 C Garden Brook Drive, Farmers Branch, Texas, 75234
3109 Garden Brook Drive, Farmers Branch, Texas, 75234

DFW III & Houston I, Dallas/Fort Worth and Houston area, Texas
Scavo represented Basis in its off-market purchase of this 461,318-square-foot asset. Bailey represented seller Cofe. Current tenants are Francisco & Sons Auto, Ministerios Linaje Escogido, LX Granite, and Roof Management Services, Inc. Basis plans for future exterior renovations, roof replacement, HVAC replacement, drainage, landscape, and more. High resolution images are available here. The properties are located at:

1510 Randolph Street, Carrollton, Texas, 75006
2650 Northaven Road, Dallas, Texas, 75229
10031 Monroe Drive, Dallas, Texas, 75229
3201-3217 E Pioneer Parkway, Arlington, Texas, 76010
13475 Fondren Road, Houston, Texas, 77085
7330-7334 Rampart Street, Houston, Texas, 77081

Pinellas Business Center, 10901-11001 Roosevelt Boulevard & 1000 112th Circle North, St. Petersburg, FL 33716
Basis, represented by Scavo, closed on this 206,275-square-foot property for $27.2 million. Jeff McFadden of Taurus Investment Holdings represented the seller Taurus. Located at the entrance to Pinellas County within the Gateway submarket, the property affords tenants unmatched connectivity to major thoroughfares connecting the Tampa Bay region, most notably Roosevelt Boulevard, Interstate 275, State Road 694 (Gandy Boulevard) and U.S. Highway 19. Current tenants include Sensidyne, Leidos, Curant Health Florida, IDEXX Reference Laboratories, and Sunbelt Home Solutions. Basis plans for asphalt seal coating, landscaping and site clean-up, full roof maintenance, and replacement and repair of all HVAC units. High resolution images are available here.

"This complex portfolio acquisition further reflects Basis' ability to outperform and grow in this tough economic environment. Our goal of growth and expansion, while others are in wait-and-see mode, is working," said Scavo. "Not only did we expand and strengthen our presence in the Dallas/Fort Worth area with adding more than 1 million square feet of shallow bay/multi-tenant industrial space, but it also brings us closer to owning and/or managing over 1 million square feet of property in the Tampa MSA by the end of 2024. We are proud of our team. This was a tough transaction, in a tough market, but we got it done."

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 to run day-to-day activities of the company. He now serves as managing partner. Together they have over 100 years of combined Real Estate Development and Management experience. Basis currently owns over 5 million square feet of self-storage and industrial real estate and is scheduled to close and/or complete another 1 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. BaySpace is the property management arm of Basis. For more information, visit www.basisindustrial.com or www.bayspace.com.