Basis Industrial expanded its South Florida footprint with an $84.7 million purchase of a small bay warehouse portfolio in Hialeah from TA Realty.
The deal cements Delray Beach-based Basis Industrial, led by Dan Weinstein, Anthony Scavo, Steve Garchik and Jay Massirman, as one of the largest warehouse landlords in Hialeah, according to a news release. Affiliates of Boston-based TA Realty, led by James Buckingham, sold 42 buildings spanning 396,135 square feet to Basis Industrial.
The deal breaks down to $213 a square foot.
Scavo represented Basis Industrial, and CBRE’s Jose Lobón represented TA Realty. Basis Industrial partner NexPoint Advisors contributed more than $20 million in equity for the transaction, and the buyer also obtained financing from BankUnited and Seacoast Bank, the release states.
The portfolio is 85 percent leased, trailing the area’s average occupancy rate above 95 percent, offering the buyer a value-add opportunity in one of Miami-Dade County’s tightest industrial corridors, the release states.
The portfolio spans three sites in Hialeah with 24 buildings along West 31st, 32nd, and 33rd places, 17 warehouses across West 8th Court between West 27th and West 28th streets, and a standalone facility at 7395 West 18th Lane.
The properties have a tenant mix of roughly 79 small businesses focused on home improvement trades and local distribution, the release states. Leases average 4,280 square feet.
Basis plans to roll out a capital improvement and branding initiative across the portfolio, enhancing the assets’ appeal to small and mid-size tenants, Scavo said.
Formed in 2022, Basis Industrial owns more than 7 million square feet of self-storage and industrial space nationwide, with another 2 to 3 million square feet slated by the end of next year, the release states.
The firm’s acquisitions in recent years have included a $22 million mixed-use site in Deerfield Beach, a $30 million warehouse in New York’s Westchester County, and multiple warehouse portfolios across Florida’s Space Coast and Medley.