Basis Industrial, a privately held and vertically integrated real estate owner and operator, continued its acquisition spree with the $24 million purchase of a multi-tenanted industrial and retail property in Broward County, Florida. The newly acquired asset totals 100,000 square feet of existing retail and industrial tenancy.
The latest acquisition closed Tuesday, March 14, 2023. Following the closing, Basis now owns and manages more than 1.75 million square feet of multi-tenant industrial, retail and mixed-use real estate. Basis self-manages these assets through its in-house management company BaySpace.
“We continue to be extremely interested in South and Central Florida,” said Basis Industrial COO & President Anthony Scavo. “We believe this region continues to grow and there are 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. We look forward to implementing our business plan and continuing to expand in this region.”
In only 12 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 and expanding its holdings while most of the industry is hiding. We see opportunities in this market while others have doubts; we plan to expand and capitalize on the opportunities in this market,” 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.”
