Basis Industrial and NexPoint Real Estate Advisors have recently acquired the Lakefront I and II, a multi-tenant industrial property in Orlando, for $25 million. The property spans 192,767 square feet and is located at 6101 Chancellor Dr. and 6330 Emperor Dr.
This acquisition falls under NexPoint’s DST (Delaware Statutory Trust) syndication channel which allows for a like-kind exchange for sellers/buyers using a 1031 identification process. Basis Managing Partner Anthony Scavo facilitated the off-market transaction while CBRE’s Ron Rogg represented seller B Group. Financing was provided by Argentic through a 10-year interest-only loan.
The current tenants of this property include CVS’s Advanced Care Scripts, Regions Bank, Rotech, U.S. Marshals,and Florida Agency for Workforce Innovation.Basis plans to make renovations to improve the overall condition of the building such as maintaining the roof,rebranding,and addressing any immediate repairs.Additionally,the company will convert an office space into warehouse space as part of their renovation plan.This recent acquisition marks another successful venture by Basis Industrial and NexPoint Real Estate Advisors in expanding their portfolio within Orlando’s commercial real estate market.
