South Florida company pays $33M for three Tampa business parks

Boca Raton-based Basis Industrial made its first foray into the Tampa market with the purchase and plans to soon add 1 million more square feet.

By Louis Llovio
| 5:00 a.m. April 29, 2023
| 2 Free Articles Remaining!

The Presidents Plaza Business Center is one of three Tampa properties Basis Industrial of Boca Raton bought as part of a portfolio.

Tampa Bay-Lakeland

A Boca Raton real estate company has bought a portfolio with three business parks in Tampa totaling 224,108 square feet of space on 16.1 acres.

Basis Industrial, the buyer, paid $33 million for the package.

The purchase is the company’s first in the Tampa market as it looks to expand in the area with plans to grow to "one million square feet here in the near future.” In a statement, Basis says that with these properties, it now owns and manages more than two million square feet of multi-tenant industrial and mixed use commercial real estate. It is scheduled to close on another 1 million square feet this year.

Marcus & Millichap represented the seller and JLL provided the financing.

The three properties included in the portfolio are:

Brandywine Business Center at 3801 Corporex Park Drive
Corporex Plaza at 3902 Corporex Park Drive
Presidents Plaza Business Center at 4801 George Road

The Brandywine and Corporex centers are near Dr. Martin Luther King Jr. Boulevard and Interstate 4 on the east side of the city. Presidents Plaza is near Tampa International Airport, just south of Hillsborough Avenue.

According to the statement, clients currently leasing space in the three centers include Joffrey’s Coffee, Acree Air Condition, Pharmscript of Florida, Tri-Ed Distribution, Inspectorate America, IGT Global Solutions and Rauland-Borg Corp.

Basis, which was founded January 2022, says it plans to “invest heavily” in the portfolio.

author

Louis Llovio

Louis Llovio is the deputy managing editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.