Basis Industrial has expanded its presence in South Florida with the acquisition of a small bay warehouse portfolio in Hialeah for $84.7 million from TA Realty.
This purchase establishes Delray Beach-based Basis Industrial, led by Anthony Scavo, Steve Garchik, and Jay Massirman, as one of Hialeah’s largest warehouse landlords, according to a company announcement. The transaction involved affiliates of Boston-based TA Realty, headed by James Buckingham, transferring ownership of 42 buildings totaling 396,135 square feet to Basis Industrial.
The purchase price equates to $213 per square foot.
Anthony Scavo represented Basis Industrial in the deal, while Jose Lobón of CBRE represented TA Realty. NexPoint Advisors, a Basis Industrial partner, provided over $20 million in equity for the acquisition, and additional financing was secured through BankUnited and Seacoast Bank, according to the company.
The portfolio is currently 85 percent leased, which lags behind the area’s industrial occupancy rate of over 95 percent. This lower occupancy presents a value-add opportunity for the new owner in one of Miami-Dade County’s most competitive industrial submarkets.
The portfolio covers three separate locations in Hialeah: 24 buildings along West 31st, 32nd, and 33rd places; 17 warehouses on West 8th Court between West 27th and West 28th streets; and a standalone facility at 7395 West 18th Lane.
The buildings are leased to approximately 79 small businesses, primarily involved in home improvement trades and local distribution, with the average lease spanning 4,280 square feet.
Basis Industrial plans to undertake a capital improvement and branding program to upgrade the portfolio, aiming to make the properties more attractive to small and mid-size tenants, Scavo said.
Founded in 2022, Basis Industrial currently owns more than 7 million square feet of self-storage and industrial space across the country, with an additional 2 to 3 million square feet expected to be added by the end of next year.
In recent years, the company’s acquisitions have included a $22 million mixed-use property in Deerfield Beach, a $30 million warehouse in Westchester County, New York, and multiple warehouse portfolios in Florida’s Space Coast and Medley.
