Basis Industrial closed on/purchased the 96,810-square-foot Global Business Center, a multi-industrial tenant property located at 5776, 5790 and 5818 Hoffner Avenue, Orlando, FL 32822 near Orlando International Airport, on March 22, 2024, for $19.5 million.
Basis Industrial is a privately held and vertically integrated real estate owner and operator based in Boca Raton, Florida.
Basis President/COO Anthony Scavo and Head of Acquisitions Ahmad Elayyan represented the company in the off-market transaction. Nick Hanson and Nick Ledvora of LH Capital Partners and Bill Bywater of The Bywater Company represented seller Jun Tagami. Reinsurance Group of America (RGA) is providing financing for the purchase. Current tenants include MicroGenDX, Leak Testing, Sherwin Williams, Innova, US Army, V12 Promotions, CreditMax, and more.
Basis’ planned renovations to the property include roof maintenance and replacement, exterior upgrades and improvements, interior suite renovations, CCTV, and signage for BaySpace, the property management arm of Basis Industrial.
The purchase represents Basis’ continued expansion into the Orlando market. In December 2022, the company purchased the 196,000-square-foot multi-tenant industrial flex space next door, formerly known as the Orlando International Business Center, for $36.5 million. This will bring Basis’ total holdings in the Orlando Metropolitan Statistical Area (MSA) to over 1.5 million square feet.
“We are very happy to expand further into the Orlando market,” said Scavo. “The Global Business Center has been under the same ownership for 30 years and has never been marketed for sale. Along with the former Orlando International Business Center which we purchased in 2022, we are excited to own these two side-by-side properties. We plan to continue expanding in and around Orlando.”
Additional Orlando-area properties that Basis has previously purchased include, Dickerman Industrial Park at 3609 Old Winter Garden Rd., Orlando, FL 32805 in July 2022; Winter Springs Industrial Park, formerly known as Belle Avenue Commerce Center, located at 1255 Belle Ave., Winter Springs, FL 32708 in September 2022; Gateway and Commerce Point property, located at 7550-7800 Southland Blvd., Orlando, FL 32809 in November 2022; Winter Garden Business Park at 1218-1232 Winter Garden Vineland Road, Winter Garden, FL 34787 in November 2023; and North Lake Business Park at 370-774 Northlake Boulevard, Altamonte Springs, FL 32701 in November 2023.
Photo courtesy of CoStar Group, Inc
About Basis Industrial
Basis Industrial is a vertically integrated real estate owner and operator formed by industry veterans and sponsors Jay Massirman, Stephen Garchik and Daniel Weinstein. Basis brought Anthony Scavo on as COO/President to run day-to-day activities of the company. Together they have over 100 years of combined Real Estate Development and Management experience. It has deep roots in the self-storage and industrial sectors. Basis currently owns over 4 million square feet of self-storage and industrial real estate and is scheduled to close and/or complete another 2 million square feet in 2024. Active markets for Basis include Florida, Pennsylvania, New Jersey, New York, Texas, Boston, Los Angeles, Alabama and select urban markets nationwide. In total, the sponsors have developed and managed over 15 million square feet of real estate assets including self-storage, industrial, retail, office and residential. In 2023, Basis Industrial was ranked the No. 1 fastest-growing company by South Florida Business Journal. BaySpace is the property management arm of Basis. In 2024, Basis was the winner of Commercial Observer’s Breakthrough Awards in the Industrial Transaction of the Year category. For more information, visit www.basisindustrial.com or www.bayspace.com.
