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.