Industrial investor to pay $72 million for five Tampa properties

Basis Industrial, a Delray Beach investment firm, has contracted to buy a five-property industrial portfolio in Tampa.

The deal has not closed yet and the addresses for the properties and seller have not been disclosed.

But Basis says in a statement the portfolio totals 472,512 rentable square feet across 18 buildings. They were bought, the company says, at about 50% below replacement cost.

“We will be happy to be in touch upon closing with all the details,” a spokesperson for the firm says in an email.

The statement the company put out was not solely to announce the purchase but to announce the creation of Co-GP IV, a fund designed to acquire the portfolio.

This is Basis’ fourth fund and with it “we are reinforcing our commitment to identifying and managing high-value industrial real estate in sunbelt markets,” the company’s President and Managing Partner Anthony Scavo says in the statement.

When the purchase of the Tampa properties closes, Basis says its multitenant industrial portfolio will grow to 4.2 million square feet.

It currently owns more than 5 million square feet of self-storage and industrial real estate, according to the statement. It expects to add an additional 3 million to 4 million square feet by the end of the year, including 1.7 million square feet set to close in the first quarter.

In December, Basis bought the 44,562-square-foot Clearwater 44 portfolio for $6.75 million. Clearwater 44 is an infill, shallow bay industrial portfolio at 14605 49th St. N. in Clearwater.