Basis Industrial and NexPoint Real Estate Advisors closed on/purchased the 192,767-square-foot Lakefront I and II, a multi-tenant industrial property located at 6101, 6149, 6203, and 6251 Chancellor Drive, and 6330 Emperor Dr., Orlando, Florida 32809, on June 13, 2024, for $25 million.
The property, along with Belle Avenue located at 1255 Belle Ave., Winter Springs, FL 32708, will be sold into NexPoint’s DST (Delaware Statutory Trust) syndication channel. A DST allows a 1031 seller/buyer to identify the DST as their like-kind exchange. This will be the second DST that Basis and NexPoint have sponsored.
Basis Industrial is a privately held and vertically integrated real estate owner and operator based in Boca Raton, Florida. NexPoint is a multi-billion-dollar Dallas-based asset management firm.
Basis Managing Partner Anthony Scavo represented the company in the off-market transaction. Ron Rogg of CBRE represented the seller, B Group. Argentic provided the financing for the purchase (10-year, interest-only loan). Current tenants include CVS’s Advanced Care Scripts, Regions Bank, Rotech, U.S. Marshals, and Florida Agency for Workforce Innovation.
Basis’ planned renovations to the property include maintaining the roof, adding new CCTV cameras, investing in exterior and interior renovations, converting an office into a warehouse, rebranding and addressing immediate repairs.
The purchase represents Basis’ bullish expansion into the Central Florida market, where it now owns and/or manages 1.7 million square feet. Orlando is the No. 1 market in the U.S. for rent growth from an industrial perspective.
“We are proud to continue to expand into the Orlando market, which we believe will continue to grow as the No. 1 market in the U.S. for industrial rent growth in the next five years,” said Scavo. “Basis Industrial currently owns and/or manages over 3 million square feet, has 1.2 million additional square feet of assets under contract in Florida and the Dallas/Fort Worth area, and is looking to acquire an additional 2 million square feet of small bay industrial warehouses in Florida or Texas before the end of 2025. We are also excited that we were able to launch Small Bay DST 2 with NexPoint, after the successful sellout of DST 1. We were happy to help.”
To contact Basis Industrial for potential deals and partnerships, visit www.basisindustrial.com.
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. He now serves as managing partner. Together they have over 100 years of combined Real Estate Development and Management experience. 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. BaySpace is the property management arm of Basis. In 2023, Basis Industrial was ranked the No. 1 fastest-growing company by South Florida Business Journal. 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.
