Purchase Represents Basis’ Continuing Expansion into the Tampa Metropolitan Statistical Area (MSA)
Basis Industrial closed on/purchased the 44,562-square-foot Clearwater 44, an infill, shallow bay industrial portfolio at 14605 49th Street North, Clearwater, FL 33762, for $6.75 million. The all-cash transaction occurred on Dec. 22, 2023.
Basis Industrial is a privately held and vertically integrated real estate owner and operator based in Boca Raton, Florida. Its COO/President Anthony Scavo represented the company in the transaction, and Cody Brais of Jones Lang LaSalle (JLL) represented seller Hersh Equity Group.
Consisting of two warehouses, the property is 100% leased. Current tenants include Blue Works, Glass-Scan Technologies, Pinellas County Sherriff, Bayview Motorsports, Kingdom Precision LLC, and Interprint Web Printing.
“This acquisition reflects our interest in further expansion into the Tampa metropolitan statistical area (MSA), one of the best performing markets in the U.S. with strong current income and potential for substantial value creation from continued rent appreciation,” said Scavo. “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.”
This is the second property purchased through Basis’ Origin Fund, their first private equity real estate fund.
“We are proud to have raised our first closed-end fund. We believe the aggregation of these smaller assets will pay off well for our fund investors,” added Scavo.
Over the past 2½ years, Clearwater 44 has had $350,000 in building upgrades, including new roofs installed in 2023, HVAC replacements, lighting upgrades, and professional exterior painting. Basis Industrial’s renovation plans for Clearwater 44 include roof maintenance, exterior and interior upgrades, and added signage and security cameras.
The Tampa industrial market experienced 13.4% rent growth over the past year and is projected to grow an additional 21% over the next three years.
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 3 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. For more information, visit www.basisindustrial.com or www.bayspace.com.
