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Basis Industrial pays $22M for mixed-use complex in Deerfield Beach
Miami-based firm acquired five warehouses and two retail buildings totaling 100K sf
Basis Industrial expanded its South Florida commercial portfolio with the $22 million acquisition of a mixed-use complex in Deerfield Beach.
An affiliate of Basis, formerly Miami Self-Storage, bought five warehouses and two retail buildings spanning 100,000 square feet at 4500-4870 North Powerline Road, according to Vizzda and records. The deal breaks down to $220 per square foot. The buyer obtained an $11.9 million mortgage from Banesco USA.
Albert Comulada with Uniweb Commercial represented the seller, an entity tied to Jeffrey Chauncey in Lighthouse Point. In 2006, Chauncey’s entity paid $8.5 million for the 8.4-acre property known as Crystal Pointe Center, records show. The five warehouses were built in 1988, and the two retail buildings were completed in 2017.
The mixed-use complex was listed for $25 million, and the property is more than 90 percent leased, according to a marketing brochure. Basis plans to place Crystal Pointe under the umbrella of the firm’s in-house property management affiliate, BaySpace, said Basis President Anthony Scavo in an emailed statement.
Basis, a Coconut Grove-based firm founded by Steve Garchik and Jay Massirman that focuses on industrial and self-storage properties, is in an aggressive buying mode in Florida, the Sun Belt and the Northeast, Scavo said. In the past year, the firm has acquired 1.75 million square feet of industrial, retail and mixed-use buildings, he said.
“Basis is aggressively buying and expanding its holdings, while most of the industry is hiding,” Scavo said. “We see opportunities in this market while others have doubts.”
This month, Basis dove into the commercial real estate market in New York’s Westchester County when the firm paid $30 million for a 60,000-square-foot warehouse and adjacent development site at 100 Business Park Drive in Armonk.
In November, Basis acquired seven warehouses in Florida’s Space Coast for $31.6 million, according to a press release.
Basis launched its buying spree in July of last year when the firm paid $37.5 million for an 180,000-square-foot mixed-use site in Medley.