Miami-based Basis Industrial acquires St. Pete warehouse as part of rapid portfolio expansion
By Breanne Williams
Tampa Bay Business Journal
Published: Oct 10, 2022

Miami-based Basis Industrial has acquired warehouse properties in St. Petersburg and Orlando as part of an ongoing push to expand its industrial portfolio.

The real estate owner and operator purchased a 70,000-square-foot multi-tenant industrial building in St. Pete. The facility is located at 2442 23rd Street North. Basis plans to expand the property by adding another 9,500 square feet on an adjacent development parcel, a release said.

The building's proximity to I-275 has made it a desirable location for strong-performing clients, the company said.

A deed has not yet been filed in Pinellas County for the transaction, but a representative for the company said the deal closed on Friday and Basis paid more than $7.5 million for the site.

“We successfully navigated a complex year-long process to complete this acquisition,” Basis Industrial Partner Daniel Weinstein said in a release.

The company said the high-demand market provides an opportunity for the company to add value to the asset.

The company also purchased the former Belle Avenue Commerce Center in Orlando, located at 1255 Belle Ave. Basis will expand the small-bay industrial park by adding 7,500 square feet of warehouse space to the site. This will bring the total square footage to 193,000 square feet. The industrial park currently has more than 125 tenants and more than 150 bays, Basis said.

According to a representative for Basis, the Orlando site closed on Sept. 30 in a $22.5 million deal.

In the past five months, Basis has closed on more than 550,000 square feet of multi-tenant industrial products and small-bay spaces, typically under 120,000 square feet and often have lower clear heights than larger distribution facilities. The company has approximately 750,000 square feet of additional product under contract. Those deals are expected to close in the next six months.

Basis’ subsidiary management company BaySpace manages the company’s industrial assets.

“We are making great progress in our mission to become Florida’s largest small-bay industrial player,” Basis Industrial Chief Operating Officer and Partner Anthony Scavo said in a release. “At our current rate of property acquisition, we will surpass the one million square feet milestone by the end of 2022.”

Basis owns more than 2 million square feet of self-storage and industrial real estate throughout the country. Its other major markets include South Florida, New Jersey, New York, Pennsylvania, Boston and Los Angeles.