Basis Industrial Expands with Three New Acquisitions

Basis Industrial Expands Its Portfolio Significantly

Basis Industrial, a prominent real estate owner and operator, has recently achieved a remarkable milestone by acquiring three commercial assets that contribute to a total of 1,107,509 square feet. This strategic move showcases the company’s ambition to strengthen its standing in the competitive real estate market.

A Noteworthy Acquisition

The newly acquired assets consist of two significant properties located in Texas and one in Florida. These acquisitions not only expand Basis Industrial’s footprint but also enhance their operational capabilities. The company is known for its vertically integrated approach to real estate, allowing it to manage various facets of its properties effectively.

Financial Backing and Support

Beach Point Capital Management provided the financing for these transactions, while Newmark played a crucial role in facilitating the debt sourcing. This collaboration underscores the trust and reliability between the companies involved, ensuring a smooth acquisition process.

Details of the Acquired Properties

The acquisitions include:

DFW II

Located in the Dallas/Fort Worth area of Texas, this asset spans 439,916 square feet and consists of eight individual properties. This strategic acquisition was led by Anthony Scavo, managing partner of Basis Industrial. With significant proximity to key demand drivers, the property boasts a roster of current tenants that includes California Fruit Exchange and Midpoint Auto Group. Plans for renovation are underway, focusing on enhancing the exterior, HVAC systems, and the overall landscape.

DFW III & Houston I

This 461,318-square-foot asset is positioned in both the Dallas/Fort Worth and Houston areas. This off-market purchase further strengthens Basis Industrial’s presence in these vital markets. Current tenants include Francisco & Sons Auto and LX Granite. Similar to DFW II, there are renovation plans aimed at improving the property's infrastructure.

Pinellas Business Center

This property, located in St. Petersburg, Florida, spans 206,275 square feet and was acquired for $27.2 million. It presents a prime location with superior connectivity to major roadways, making it an attractive venue for tenants like Sensidyne and IDEXX Reference Laboratories. Future enhancements will focus on site clean-up and roof maintenance.

Strategic Growth and Future Plans

In a statement from Scavo, he noted that this acquisition is a testament to Basis Industrial's commitment to growth, even as the market faces various challenges. The company has now secured over 1 million square feet of shallow bay/multi-tenant industrial space in the Dallas/Fort Worth area, with plans to expand even further in Florida.

The Vision Behind Basis Industrial

Established by industry experts, Basis Industrial is driven by a team with over 100 years of collective experience in real estate development and management. They aim to increase their holdings to over 6 million square feet by 2024, focusing on strategic markets including Florida, Texas, and others across the United States.

Understanding Basis Industrial's Market Strategy

The company’s proactive approach in securing valuable properties during turbulent economic times illustrates its strong market acumen and determination. This strategy places Basis Industrial in a competitive position, allowing it to seize growth opportunities as they arise.

Frequently Asked Questions

What is Basis Industrial's recent acquisition?

Basis Industrial acquired three commercial assets totaling 1,107,509 square feet across Texas and Florida.

Who supported Basis Industrial in these transactions?

Beach Point Capital Management provided financing, and Newmark facilitated debt sourcing for the acquisitions.

What are the future plans for the acquired properties?

Basis Industrial plans to undertake renovations including exterior upgrades, HVAC replacements, and overall property improvements.

What is the significance of these acquisitions for Basis Industrial?

This acquisition expands Basis Industrial’s portfolio and strengthens their presence in key markets, pushing their growth plans forward.

How does Basis Industrial plan to position itself in the market?

The company aims to grow its portfolio to over 6 million square feet by 2024, focusing on strategic acquisitions in multiple states.

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