A Florida real estate company has purchased two industrial sites along Interstate 30 in east Fort Worth for $81 million.
The Boca Raton-based Basis Industrial bought a nearly 422,000-square-foot property for $57.2 million from Tillar/LanCarte. The complex, at 2301-2759 Ludelle Street, is occupied by ARCO Contractors Supply, Micro Mold, St. Matthew’s Church, OFCO, Penn-Tex Plastics, King Street Productions, Innovative Environmental Technologies and Liyu Optoelectronic.
Basis also purchased a 161,000-square-foot business complex located at 2301-2367 Blue Smoke Court, 2424 Blue Smoke Court South and 2400 Ludelle Building. PHP sold that property for $25 million. Its tenants are: ARCO Contractors Supply, Schaefer Mold, MSG Distributors, Lone Star Bingo, BELFOR and Pan American Wire.
Basis Industrial President Anthony Scavo represented Basis, and Stephen Bailey and Zach Riebe of Newmark represented the sellers in both deals. Basis plans to make interior and exterior upgrades to the properties, including the installation of CCTV, access controls, lighting and signage.
The Nov. 30 transaction also included the purchase of two Florida business complexes, in Winter Garden and Altamonte Springs, and the refinancing of two commercial properties the company already owns. The transaction totaled $220 million. Winter Garden Business Park spans nearly 92,000 square feet and cost about $25 million. North Lake Business Park spans almost 272,000 square feet and cost nearly $50 million.
Basis financed the deal through a $110 million loan from Bank United, Banesco and Thorofare. Beach Point Capital Management provided a roughly $70 million mezzanine loan. Basis and NexPoint funded the remainder of the deal.
Basis Industrial is based in Coconut Grove, Florida and was founded by Jay Massirman and Stephen Garchik. The company focuses on industrial and self-storage properties.