NexPoint, a multi-billion dollar alternative investment platform, announced the acquisition of Orlando International Business Center, a multi-tenant small bay property located at 5730-5892 S Semoran Blvd in Orlando.
The asset consists of 6 buildings totaling 196,288 square feet of multi-tenant warehousing and industrial space. The property was indirectly acquired by NexPoint Small Bay I DST, a Delaware statutory trust seeking to raise $59.5 million in equity from accredited investors via a private placement offering.
The acquisition also included 3 Tampa properties including:
- Presidents Plaza, a 44,269 square-foot, two-building, multi-tenant complex
- Brandywine Business Center, a 79,124 square-foot, two-building, multi-tenant complex
- Corporex Plaza, a 100,265 square-foot, three-building, multi-tenant complex
The addition of these small bay properties builds on NexPoint’s existing portfolio of industrial multi-use commercial real estate in markets that are experiencing significant demand for this sub-sector, driven by low supply, high occupancy rates and flexible use cases for tenants that may need smaller units with logistical loading and receiving bays.
“We continue to witness increasing demand for prime industrial properties located in growing markets where companies and small businesses are looking for flexible space to better serve local customers,” said Taylor Colbert, Director of Real Estate for NexPoint Real Estate Advisors. “We believe there are significant tailwinds to support further growth, and we are committed to scaling our footprint in this notable sector.”
NexPoint currently owns 1.6 million net rentable square feet of industrial real estate across Texas and Florida and is partnering with a privately held and vertically integrated real estate owner and operator Basis Industrial to manage the newly acquired properties.
“We are thrilled with our expanding partnership with NexPoint and are looking forward to implementing our hands-on management approach to optimize the performance of this prime industrial portfolio,” said Dan Weinstein, CEO of Basis Industrial. “These assets have strong fundamentals, and we are excited to add them to our growing portfolio of owned and managed assets.”
Basis uses its subsidiary management company, WMG Small Bay Management, LLC d/b/a/ BaySpace, to manage the company’s industrial assets.
