Basis Industrial closed on the purchased of the 96,810-square-foot Global Business Center, a multi-tenant industrial property located at 5776, 5790 and 5818 Hoffner Avenue in Orlando near Orlando International Airport for $19.5 million.
The transaction closed on March 22.
Basis President/COO Anthony Scavo and Head of Acquisitions Ahmad Elayyan represented the company in the off-market transaction.
Nick Hanson and Nick Ledvora of LH Capital Partners and Bill Bywater of The Bywater Company represented seller Jun Tagami.
Reinsurance Group of America (RGA) is providing financing for the purchase. Current tenants include MicroGenDX, Leak Testing, Sherwin Williams, Innova, US Army, V12 Promotions, CreditMax, and more.
Basis’ planned renovations to the property include roof maintenance and replacement, exterior upgrades and improvements, interior suite renovations, CCTV, and signage for BaySpace, the property management arm of Basis Industrial.
Basis Industrial is a privately held and vertically integrated real estate owner and operator based in Boca Raton, Florida.
The purchase represents Basis’ continued expansion into the Orlando market. In December 2022, the company purchased the 196,000-square-foot multi-tenant industrial flex space next door, formerly known as the Orlando International Business Center, for $36.5 million. This will bring Basis’ total holdings in the Orlando Metropolitan Statistical Area (MSA) to over 1.5 million square feet.
“We are very happy to expand further into the Orlando market,” said Scavo. “The Global Business Center has been under the same ownership for 30 years and has never been marketed for sale. Along with the former Orlando International Business Center which we purchased in 2022, we are excited to own these two side-by-side properties. We plan to continue expanding in and around Orlando.”
Additional Orlando-area properties that Basis has previously purchased include:
