Boca Raton real estate company acquires Clearwater industrial portfolio
By Breanne Williams
Tampa Bay Business Journal
Published: Jan 3, 2024

Boca Raton-based Basis Industrial has purchased Clearwater 44 — an infill, shallow-bay industrial portfolio — for $6.75 million.

The all-cash transaction closed on Dec. 22, the company said. The property is at 14605 49th St. N and consists of two warehouses. The seller was Hersh Equity Group.

Basis Industrial COO/President Anthony Scavo represented the company in the transaction. Cody Brais of JLL Inc. represented the seller.

“This acquisition reflects our interest in further expansion into the Tampa metropolitan statistical area, one of the best-performing markets in the U.S. with strong current income and potential for substantial value creation from continued rent appreciation,” Scavo said in a statement. “With this purchase, we now have more than 350,000 square feet of assets in the Tampa MSA, and we are looking to buy more properties.”

The property was 100% leased at the time of the sale. The existing tenants include Blue Works, Glass-Scan Technologies, Pinellas County Sheriff, Bayview Motorsports, Kingdom Precision LLC and Interprint Web Printing.

According to the group, Clearwater 44 has had roughly $350,000 in building upgrades over the past 2.5 years, including new roofs installed in 2023, HVAC replacements, lighting upgrades and exterior painting. Basis Industrial plans to do further roof maintenance, add signage and security cameras and work on exterior and interior upgrades.

The sale marked the second property purchased through the group’s Basis’ Origin Fund, the company’s first private equity real estate fund.

“We are proud to have raised our first closed-end fund,” Scavo said in a release. “We believe the aggregation of these smaller assets will pay off well for our fund investors.”