Basis Industrial Buys 4, Refinances 2 for $220M

Winter Garden Business Park is less than 15 miles from downtown Orlando, Fla. Image courtesy of Basis Industrial

Basis Industrial has acquired and refinanced a six-property portfolio totaling 1.3 million square feet. The $220 million transaction included the purchase of four shallow bay industrial assets in Florida and Texas, as well as the refinancing of two additional Florida properties.

According to Basis Industrial President Anthony Scavo, the complex transaction involved multiple lenders. Bank United, Banesco and Thorofare Capital provided $105 million in loan proceeds. Beach Point Capital Management provided a $70 million preferred equity/mezzanine loan, while sponsors Basis Industrial and NexPoint funded the balance. The four properties traded for a combined $160 million, while $60 million were allocated for the refinancing.

The company purchased Winter Garden Business Park, a 91,727-square-foot property in Winter Garden, Fla. Westminster Capital, represented by CBRE Executive Vice President Ron Rogg, sold the asset for $25 million. According to CommercialEdge data, the eight-building property last changed hands in 2016 for $8.5 million. Completed in 2005 on 7 acres, the business park includes a first-floor retail component, controlled access and 287 car parking spaces. DaVita, Orlando Health, APTIM Government Solutions and Budget Insurance Offices are among the property’s tenants. Winter Garden Business Park is at 1218-1232 Winter Garden Vineland Road and has access to several U.S Routes, including the 429, 50 and 408, with downtown Orlando less than 15 miles away.

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The 271,988-square-foot North Lake Business Park traded for $49.6 million. Taurus Investment Holdings sold the asset and was represented in the transaction by Senior Director Robbie McEwan and Director Cody Brais with JLL Capital Markets. The previous owner purchased the property in 2020 for $28.5 million, CommercialEdge shows. The 15-building business park was completed in 1981 and offers 35,667-square-foot floorplates, controlled access and 1,082 car parking spaces. The property is 84 percent occupied with a tenant roster that includes BioPlus, Miller Electric Co., Research America and Owen Electric Co., among others.

North Lake Business Park sits on 28.7 acres at 370-774 Northlake Blvd., next to Interstate 4 and some 10 miles from downtown Orlando, Fla.

The Blue Smoke property has access to Interstate 30 and is 3.5 miles from downtown Fort Worth. Image courtesy of Basis Industrial

The Texas properties are both in Fort Worth. Basis Industrial paid $57.2 million to Tillar/LanCarte for the 421,721-square-foot Blue Smoke property. Vice Chairman Stephen Bailey and Managing Director Zach Riebe with Newmark represented the seller. ARCO Contractors Supply, King Street Productions, Innovative Environmental Technologies and Liyu Optoelectronic are among its tenants. The property is at 2301-2759 Ludelle St., near Interstate 30 and 3.5 miles from downtown Fort Worth.

The other asset in the portfolio is Blue Smoke 2, a 161,418-square-foot property that traded for $24 million. Davoil was represented in by the same Bailey and Riebe in the sale. The 10-building industrial campus came online in 1973. Lone Star Bingo, MSG Distributors, BELFOR and Pan American Wire are among its tenants. The 10.5-acre property is at 2301-2367 Blue Smoke Court, 2424 Blue Smoke Court South and 2400 Ludelle Building.

Basis Industrial intends to renovate all four properties. Plans call for interior upgrades, roof maintenance and exterior improvements, including the addition of CCTV camera, access control and lighting, signage, as well as marking and striping.

The refinancing component

One of the assets Basis Industrial refinanced is Crystal Pointe, a 96,888-square-foot industrial property in Deerfield Beach, Fla. The company received an $11.9 million loan from Banesco USA when the $22 million purchase closed earlier this year, CommercialEdge data shows.

Originally completed in 1988, the seven-building property underwent cosmetic renovations in 2006. The one- and two-story facilities are climate-controlled and offer 334 car parking spaces. The fully leased asset is located at 4500-4870 N. Powerline Road, near Interstate 95 and some 10 miles from downtown Pompano Beach, Fla.

Basis Industrial also refinanced the 253,701-square-foot Gateway and Commerce Point in Orlando. According to CommercialEdge, the company bought the seven-building complex in 2022. The property came online in 1983, is currently 97.6 percent occupied and offers 30,000-square-foot floorplates, controlled access and 424 car parking spaces. The asset is located at 7550-7800 Southland Blvd. on 10.4 acres, near U.S. Route 441 and 6.8 miles from downtown Orlando.