Basis Industrial closed on a small bay industrial portfolio in Hialeah, Florida, for $84.75 million. The portfolio comprises 42 buildings, totaling 396,135 square feet.

Basis had been pursuing opportunities in Hialeah and other target areas in South Florida. The portfolio is currently 85 percent leased, in an area where the market occupancy is typically above 95 percent. 

Basis Industrial’s Anthony Scavo represented the buyer in the purchase, while Jose Lobón of CBRE Group, Inc. represented the seller, TA Realty. BankUnited served as lead lender, with Seacoast Bank as the syndicated co-lender providing financing for the acquisition. NexPoint Advisors, a longtime institutional partner of Basis, partnered with the company with a contribution of over $20 million in preferred equity. 

Basis has a comprehensive capital improvement plan and a branding budget in place for the portfolio, which it plans to implement immediately.