Following two purchases at the end of August, Florida-based Basis Industrial owns more than 1M SF of industrial space in DFW.
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The acquisitions consist of three portfolios totaling more than 1.1M SF purchased in Texas and Florida, the company announced in a press release. All but two of the 14 Texas properties in the deals are in DFW. The other two are in Houston.
“This complex portfolio acquisition further reflects Basis’ ability to outperform and grow in this tough economic environment,” Managing Partner Anthony Scavo said in the release. “Our goal of growth and expansion, while others are in wait-and-see mode, is working.”
Scavo said the acquisition added more than a million square feet of DFW industrial space to Basis' roster and brought it close to a million square feet in the Tampa, Florida, area.
Basis plans to do exterior renovations and roof replacements at nearly 440K SF in the DFW II portfolio, which includes:
2526 Manana Drive in Dallas
1100-1220 Luke St. in Irving
Four addresses on Suffolk Drive in Fort Worth
1655-1663 Hickory Drive in Haltom City
4101 Lindbergh Drive in Addison
Three locations on Garden Brook Drive in Farmers Branch
Similar renovations and roof replacements are planned for the 461K SF in the newly acquired DFW III and Houston I portfolios. Those include:
2650 Northaven Road in Dallas
10031 Monroe Drive in Dallas
3201-3217 E. Pioneer Parkway in Arlington
1510 Randolph St. in Carrollton
13475 Fondren Road in Houston
7330-7334 Rampart St. in Houston
The acquisition also included the 206K SF Pinellas Business Center in St. Petersburg, Florida.
Scavo represented Basis in both Texas acquisitions, while Stephen Bailey of Newmark represented DFW II seller Bob Anderson of Birtcher Anderson & Davis, as well as DFW III and Houston I seller Cofe. The lender was Beach Point Capital Management, and Newmark facilitated the debt sourcing.
In December, Basis spent more than $81M on a nearly 422K SF warehouse campus and a 161K SF industrial complex in Fort Worth, The Dallas Morning News reported.
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