Basis Industrial Expands Its Portfolio with $20 Million Purchase of Chancellor Square in Orlando

Basis Industrial Expands Presence in Orlando Market

In a significant move for the real estate sector, Basis Industrial, a leading vertically integrated real estate owner and operator, has made headlines with the recent acquisition of Chancellor Square, a spacious 142,069-square-foot multi-tenant light industrial property located in Orlando, Florida. This strategic purchase, sealed for a sum of $20 million on February 11, 2025, marks a pivotal step in enhancing Basis Industrial's portfolio and footprint in this competitive market segment.

Chancellor Square, situated at 2400 Sand Lake, 8100 Chancellor Drive, and 8500 Chancellor Drive, is ideally located near existing properties owned by Basis Industrial, including Gateway, Commerce Point, and Lakefront. The acquisition reinforces the company's stature in Orlando Central Park, a highly sought-after industrial submarket in Orange County. These properties have seen remarkable leasing activity over the past year, with more than 70,000 square feet being leased, further underscoring the demand for quality industrial spaces in the region.

Anthony Scavo, President and Managing Partner of Basis, played a crucial role in this off-market acquisition, with Ron Rogg, Executive Vice President at CBRE, representing the seller, B Group Capital Management. This collaboration not only highlights the solid relationships within the industry but also emphasizes Basis Industrial's prominence as one of the largest landlords in the area.

Financing for this notable deal has been facilitated by Seacoast Bank, allowing Basis Industrial to effectively enhance its operational capabilities in the region. The company's property management team, BaySpace, already has an established presence in Orlando, ensuring seamless integration and management of Chancellor Square. With plans for a comprehensive capital program, Basis Industrial aims to elevate this property through extensive renovations, including new roofs and enhancements both inside and out.

A significant milestone was achieved even before the acquisition was finalized; during due diligence, Basis successfully secured a lease of 9,500 square feet, bringing the occupancy rate of Chancellor Square to an impressive 100%. This achievement underscores Basis Industrial's commitment to not only acquiring high-quality properties but also ensuring they meet tenant needs adequately, establishing long-term value for both tenants and investors.

Currently, the array of tenants at Chancellor Square includes a diverse mix of companies such as the Department of Health, CoAssist Pharmacy, LLC, and Roush Industries, among others. Each of these tenants brings unique needs and contributes to the vibrant business community in Orlando, creating a robust ecosystem within Chancellor Square.

Scavo expressed his enthusiasm regarding the acquisition, stating, "We are pleased to have acquired Chancellor Square, making us one of the largest landlords in Orlando Central Park. This acquisition not only enhances our competitive position in the market but allows us to retain strong cash flow while leveraging our local property management expertise to deliver consistent value for our tenants and stakeholders."

The synergy of strong tenant relations and proactive property management positions Basis Industrial favorably as it continues to expand its portfolio. Furthermore, Scavo highlighted the positive nature of working collaboratively with B Group Capital Management, a partnership that solidifies the company's reputation as an honorable buyer in the real estate market.

Founded by seasoned industry veterans, Basis Industrial has a well-established track record and currently manages over 5 million square feet of self-storage and industrial properties, with plans for additional acquisitions anticipated within the year. This expansion further emphasizes their proficiency in navigating the complexities of real estate and their commitment to sustainable growth and development in key markets across the United States.

As Basis Industrial continues to assert its presence in high-demand locations, the future looks promising for both the company and the broader Orlando commercial real estate market. For more information, you can visit their websites at Basis Industrial and BaySpace.