Basis Industrial has recently acquired a $72 million multi-tenant industrial (MTI) portfolio in Tampa, Florida through its Co-GP IV investment vehicle. This acquisition adds to Basis’s existing MTI portfolio, which is currently managed by their property management arm, BaySpace. The total size of the MTI portfolio now stands at 4.2 million square feet.
The company sees this transaction as an opportunity to implement their strategy of increasing performance through mark-to-market rent adjustments and targeted leasing initiatives in a key market. The newly acquired Tampa portfolio consists of 18 buildings and five properties totaling 472,512 rentable square feet (RSF).
Some highlights of this recent acquisition include purchasing the properties at approximately half the cost it would take to replace them and projected improvements in net operating income (NOI) due to proactive management and leasing strategies. Additionally, being located in the densely populated Tampa metropolitan area with restrictive zoning laws ensures consistent tenant demand for these properties.
BaySpace will be utilizing their operational expertise as Basis’s internal property management division to ensure tenant satisfaction and operational efficiency within this new portfolio.