South Florida Investor Pays $33M for Tampa Industrial Portfolio
By Jeff Ostrowski April 28, 2023 5:03 pm
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With industrial properties scarce in South Florida, a Boca Raton investment firm turned to Tampa for its latest acquisition.
Basis Industrial said Friday that it paid $33 million for three small-bay properties in Tampa totaling 224,108 square feet. Tenants include Joffrey’s Coffee, PharmScript of Florida, Ademco Inc. and Tri-Ed Distribution. The seller was a group of property investors.
The acquired assets include Brandywine Business Center at 3801 Corporex Park Drive, Corporex Plaza at 3902 Corporex Park Drive, and Presidents Plaza Business Center at 4801 George Road.
Basis Industrial focuses on small-bay warehouse properties with typical tenant sizes of 1,500 to 3,000 square feet, said Anthony Scavo, who was the buyer representative and is Basis Industrial’s chief operating officer and president.
“That’s our real sweet spot,” Scavo told Commercial Observer. “The institutional investors will buy a 250,000-square-foot industrial building with one tenant. We’ll buy a 200,000-square-foot park with 100 tenants.”
Small-bay warehouses offer lower pricing and also more opportunity for an owner who brings in professional property management practices, Scavo said.
Marcus & Millichap represented the seller. JLL sourced debt for the transaction.
Basis Industrial is looking for additional purchases in Tampa. The company hopes to boost its portfolio there to 1 million square feet.
Basis owns more than 2.5 million square feet of self-storage and industrial real estate and is on track to close an additional 1 million square feet of acquisitions in 2023.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
