A Florida-based investor has acquired two Fort Worth properties in a deal valued at over $81 million.
The company owns more than 2.5 million square feet of self-storage and industrial real estate in markets including South Florida, Pennsylvania, New Jersey, New York, Texas, Boston, and Los Angeles and select urban markets nationwide, according to the company’s webpage. The firm is scheduled to close another 1 million square feet in 2023.
North Texas remains one of the nation’s premier markets for industrial investment, as previously reported by The Dallas Express. During the first nine months of 2023, North Texas led the country with $13.2 billion in commercial real estate investment, according to estimates by MSCI Inc.
The two industrial complexes include the nearly 422,000-square-foot warehouse campus at 2301-2759 Ludelle St. and the 161,00-square-foot business park at 2301 Blue Smoke Ct., which Basis paid $57.2 million and $24 million, respectively, to acquire.
Tenants at the warehouse campus on Ludelle Street include ARCO Contractors Supply, Micro Mold, Environmental Technologies, and Liyu Optoelectronic, while tenants at the complex on Blue Smoke Court include Schaefer Mold, MSG Distributors, Lone Star Bingo, and Pan American Wire, per the DMN.
For Basis Industrial, the $81.2 million acquisition and the planned upgrades to the facilities represent an early step in a much larger expansion plan, according to Daniel Weinstein, founder and CEO of Basis Industrial.
“This is a huge step for Basis’ growth and my vision,” Weinstein said in a statement, per the DMN. “We expect to add millions of square feet over the next few years in targeted Sun Belt markets.”
The sale was brokered by Newmark Group’s vice chairman and co-heads of the Texas Industrial Capital Markets team in Dallas, Stephen Bailey, and the team’s Managing Director, Zach Riebe, per the DMN.