Basis Doubles Metro Tampa Footprint With $60M Buy

Basis Industrial has acquired a 472,512-square-foot flex industrial property collection scattered across metro Tampa, Fla., for $60 million, doubling its footprint in the market to more than 1 million square feet.

Birtcher Anderson & Davis previously owned the portfolio, according to CommercialEdge information. An in-house representative spearheaded the negotiations for each company.

The capital stack for the purchase included debt from Beach Point Capital Management and, according to prepared remarks by Basis Managing Partner Anthony Scavo, equity from the company’s investment vehicle Co-GP IV.

Birtcher Anderson & Davis bought the portfolio for $42 million from B Developments in 2021. The collection’s new price tag underscores shallow bay industrial’s increasing demand, especially in Greater Tampa, where restrictive zoning may hamper new development.

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The traded properties include:

• Bryan Dairy Business Park, 7201-7243 Bryan Dairy Road, Largo, Fla., 102,166 square feet
• Starkey Center I & II, 12345 and 12505 Starkey Road, Largo, 102,652 square feet
• Turtle Creek, 4900-4914 Creekside Drive, Clearwater, Fla., 121,217 square feet
• Cross Bayou, 11701 S. Belcher Road, Largo, 58,088 square feet
• ICOT IV & Condo, 13921-13923 Icot Blvd. and 13830-13922 N. 58th St., Clearwater, 88,389 square feet

Basis plans to renovate the buildings, including repairs to the parking areas, sidewalks, curbing and entrances. Additional overhauls will touch upon the roofs, where applicable, and exterior caulking, landscaping, as well as branding.

The tenant roster includes Weatherproofing Technologies, Rotech Oxygen and Medical Equipment, Hoya Optical Labs of America and Research Development Manufacturing, among other companies.

Scavo led the negotiations on behalf of Basis, while Birtcher Anderson & Davis Co-Chairman & Principal Bob Anderson provided in-house representation for the seller.

Basis Industrial goes into expansion mode

Basis Industrial owned or managed more than 5 million square feet of industrial space across the nation as of March. The company also had more than $1 billion in assets under management. By year’s end, Basis expects to increase its footprint by an additional 2 million to 3 million square feet.

Last August, the company expanded its inventory through a flurry of acquisitions encompassing 1.1 million square feet. The assets are spread throughout Texas and Florida, mostly clustered around Houston, Dallas and St. Petersburg, Fla. Beach Point Capital Management provided acquisition financing.

Tampa’s versatile industrial prices

Metro Tampa’s industrial sales volume wrapped up 2024 at nearly $1.1 billion, according to CommercialEdge’s latest report. Last year, assets traded on average for $124 per square foot, slightly below the national figure of $129 per square foot. Nashville, Tenn.’s industrial properties edged Tampa’s—going for $128 per square foot—while Atlanta’s were slightly cheaper, at $109 per square foot.

Last year’s investment momentum rolled well into 2025. Just this month, Stonemont Financial Group divested Lakeland Commerce Center’s Building 400 in Lakeland, Fla. A client advised by MetLife Investment Management paid $50 million for the asset.