Basis Launches Co-GP Investment Fund for Tampa MTI Properties
Basis Industrial has launched an investment vehicle to acquire a portfolio of multi-tenant industrial (MTI) properties in Tampa, FL. The Co-GP IV vehicle, the Boca Raton-based real estate owner and operator’s fourth co-GP investment fund, builds on its previous funds’ strategy through property management, leasing strategies and long-term partnerships.
The portfolio includes properties acquired at approximately 50% below replacement cost; opportunities to increase net operating income (NOI); location in the Tampa MSA; and operational expertise through the firm’s in-house property management division, BaySpace.
“Through Co-GP IV, we are reinforcing our commitment to identifying and managing high-value industrial real estate in Sunbelt markets,” said Anthony Scavo, president and managing partner at Basis Industrial.
Basis Industrial was formed by Jay Massirman, Stephen Garchik, and Daniel Weinstein, with day-to-day operations led by Scavo. The firm currently owns over five million square feet of self-storage and industrial real estate, with an additional three million to four million square feet expected by the end of the year. Active markets include Florida, Pennsylvania, New Jersey, New York, Texas, Boston, Los Angeles, Alabama.
