Basis Industrial and NexPoint Real Estate Advisors purchased the 192,767-square-foot Lakefront I and II, a multi-tenant industrial property located at 6101, 6149, 6203, and 6251 Chancellor Dr. and 6330 Emperor Dr., Orlando, for $25 million. 

The property, along with Belle Avenue, located at 1200-1270 Belle Ave., Winter Springs, will be sold into NexPoint’s DST (Delaware Statutory Trust) syndication channel. A DST allows a 1031 seller/buyer to identify it as their like-kind exchange.

Basis Managing Partner Anthony Scavo represented the company in the off-market transaction. Ron Rogg of CBRE represented the seller, B Group. Argentic provided the financing for the purchase (10-year, interest-only loan). Current tenants include CVS’s Advanced Care Scripts, Regions Bank, Rotech, U.S. Marshals, and Florida Agency for Workforce Innovation. 

Basis’ planned renovations to the property include maintaining the roof, investing in exterior and interior renovations, converting an office into a warehouse, rebranding and addressing immediate repairs.