Loading
A Miami real estate firm has bought a 70,000-square-foot industrial property in St. Petersburg and intends to grow it by nearly 10,000 square feet.
Basis Industrial paid $7.5 million for the building at 2442 23rd St. N. The company says it plans to build a 9,500-square-foot building on an adjacent piece of property.
The St. Petersburg purchase was part of two-property deal totaling 255,500 square feet the company announced Oct. 10.
The second property, in Orlando, is the former known Belle Avenue Commerce Center, an185,500-square-foot industrial park located at 1255 Belle Ave. Basis will grow this property as well, with plans to add of 7,500 square feet of warehouse space.
It paid $22.5 million for the park.
Miami-based Basis was founded in 2012. It owns and operates industrial properties and self-storage properties mostly in South Florida, Pennsylvania, New Jersey, New York, Boston and Los Angeles. According to its website, it owns more than 2 million square feet of property and is growing by more than 1 million square feet per year.
The company says it has closed on more than 550,000 square feet of small-bay and multi-tenant industrial properties in the past five months and has 750,000 square feet under contract and slated to close in the next six months.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
