Basis Industrial announced the acquisition of four commercial properties in Florida and Texas and refinanced two of its current commercial properties in Florida on Nov. 30, 2023. The complex transaction totaled $220 million.
Bank United, Banesco and Thorofare provided roughly $105 million in loan proceeds. Beach Point Capital Management provided a preferred equity/mezzanine loan of roughly $70 million, with the sponsors, Basis and NexPoint, funding the remaining. The transaction encompasses all six properties under one shallow bay/multitenant industrial portfolio totaling 1,328,443 square feet.
The four acquired properties, totaling approximately $160 million in transactions:
Winter Garden Business Park, located at 1218-1232 Winter Garden Vineland Rd., in Winter Garden, Fla., is a 91,727-square-foot property that was acquired for $24.95 million. CBRE represented the seller, Westminster Capital. Located 10 minutes from Florida's Turnpike, the property offers acce
