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Basis Launches Fund to Acquire Tampa Warehouse Portfolio
Basis Industrial created the Co-GP IV investment vehicle, designed to acquire a $72 million multi-tenant industrial (MTI) portfolio in Tampa, Florida. With this addition, Basis will expand its MTI portfolio, managed by its property management arm, BaySpace, to 4.2 million square feet. The company views the transaction as a way to execute its strategy of driving performance through mark-to-market rent adjustments and targeted leasing initiatives in a key market.
The Tampa portfolio totals 472,512 rentable square feet (RSF) across 18 buildings and five properties.
Portfolio Acquisition Highlights Include:
- Properties being acquired at approximately 50% below replacement cost.
- Projected improvements in net operating income (NOI) through proactive management and leasing strategies.
- Location in the Tampa MSA, one of Florida’s most densely populated metropolitan areas, benefiting from restrictive zoning and consistent tenant demand.
- Operational expertise provided by BaySpace, Basis’s in-house property management division, ensuring tenant satisfaction and operational efficiency.
- ◦Sale/Acquisition
