BOCA RATON, FLA. — Basis Industrial, a privately held real estate owner and operator headquartered in Boca Raton, has acquired four commercial properties in Florida and Texas for a total of approximately $160 million.
Bank United, Banesco and Thorofare provided roughly $110 million in financing for the transaction. Beach Point Capital Management provided a preferred equity/mezzanine loan of roughly $70 million, with the borrowers, Basis and NexPoint, providing the remaining funds. In addition to the acquisitions, the loans and equity will fund a $60 million refinancing for two of the borrowers’ existing commercial properties in Florida.
The six properties, including those being refinanced, total over 1.3 million square feet.
The four acquired properties include:
- Winter Garden Business Park, a 91,727-square-foot office park in the Orlando, Florida suburb of Winter Garden. Current tenants at the property include DaVita, Orlando Health, BoxTribe Weightlifting, APTIM Government Solutions and Budget Insurance Offices. Basis Industrial acquired the asset from Westminster Capital for $25 million. The buyer plans to renovate the community with roof maintenance, interior and exterior upgrades, CCTV and new signage. Ron Rogg of CBRE represented the seller in the deal.
- North Lake Business Park, a 271,988-square-foot office property in Altamonte Springs, Florida. Scavo represented Basis Industrial in the company’s $49 million purchase of the asset. JLL’s Robbie McEwan and Cody Brias represented the seller, Jeff McFadden, principal of Taurus Investment Holdings. North Lake Business Park was 84 percent occupied at the time of sale, housing tenants such as BioPlus, Miller Electric Co., Research America, THR Property Management, Soleo Health, My Favorite Therapists Orlando, Geopoint Surveying and Owen Electric Co. Basis Industrial plans to renovate the community with a roll-up door, roof maintenance, CCTV, access control and new lighting.
- A 421,721-square-foot warehouse campus in Fort Worth, Texas. Basis Industrial acquired the park for $57 million. Stephen Bailey and Zach Riebe of Newmark represented the seller, Tillar/LanCarte, in the deal. Tenants include ARCO Contractors Supply, Micro Mold, St. Matthew’s Church, OFCO, Penn-Tex Plastics, King Street Productions, Innovative Environmental Technologies and Liyu Optoelectronic.
- Blue Smoke 2, a 161,418-square-foot industrial complex in Fort Worth. Basis Industrial purchased the asset from PHP for $24 million. Bailey and Riebe of Newmark represented the seller in the transaction. Tenants at Blue Smoke 2 include ARCO Contractors Supply, Schaefer Mold, MSG Distributors, Lone Star Bingo, BELFOR and Pan American Wire. Basis Industrial plans to undertake interior renovations and improvements, roof maintenance, exterior upgrades, CCTV, access control, and new lighting and signage.
The properties that Basis refinanced were Crystal Pointe and Gateway & Commercial Point. Crystal Pointe is a 96,888-square-foot property located at 4500-4870 North Powerline Road in Deerfield Beach, Florida. Crystal Pointe is currently 100 percent leased. Gateway & Commercial Point is a 253,701-square-foot asset located at 7550-7800 Southland Blvd. in Orlando. The property is currently 97.6 percent leased.
“This is a huge step for Basis’ growth and my vision,” says Daniel Weinstein, founder and CEO of Basis Industrial. “We expect to add millions of square feet over the next few years in targeted Sun Belt markets, and I want to thank my team for all their work on this enormous and complicated transaction.”
— Channing Hamilton