Basis Industrial, a privately held and vertically integrated real estate owner and operator based in Boca Raton, Fla., announced the creation of its Co-GP IV investment vehicle, designed to acquire a $72 million multi-tenant industrial (MTI) portfolio in Tampa, Fla. With this addition, Basis expands its MTI portfolio, exclusively managed by its property management arm, BaySpace, to 4.2 million square feet.
The Tampa portfolio, totaling 472,512 rentable square feet (RSF) across 18 buildings and five properties, is currently under contract. The Co-GP IV vehicle, the firm’s fourth co-GP investment fund, will allow Basis to maximize the value of these assets and continue delivering superior risk-adjusted returns to its partners.
“Through Co-GP IV, we are reinforcing our commitment to identifying and managing high-value industrial real estate in Sunbelt markets,” said Anthony Scavo, president and managing partner at Basis Industrial. “This portfolio exemplifies our strategy of leveraging market fundamentals to achieve long-term value creation, and we are confident that it will deliver strong results for our partners.”
Properties were acquired at approximately 50% below replacement cost, and the company predicts improvements in net operating income through its management and leasing strategies.
