The former MCSS Self-Storage Development & Investment has rebranded as Basis Industrial and broadened its investment focus to include traditional industrial properties in high-value markets across the nation. In a one-week span, the vertically integrated real estate owner and developer completed a significant acquisition in Miami through its subsidiary BaySpace.
BaySpace purchased the former MegaCenter Palmetto, a mixed-use property in Medley comprised of self-storage, small-bay industrial and coworking suites. The building totals more than 180,000 square feet and is situated on nine acres of land adjacent to the Palmetto Expressway. It benefits from excellent visibility and a strong tenant roster.
“Our self-storage venture has been incredibly successful,” said Basis Industrial Partner Daniel Weinstein. “Launching Basis Industrial and subsidiary BaySpace gives us the opportunity to also address pent-up demand for industrial real estate.”
Weinstein and fellow industry veterans Jay Massirman and Stephen Garchik founded Basis, which currently owns more than 2 million square feet of self-storage and industrial real estate and is scheduled to close on another 1 million square feet in 2022. Collectively, the sponsors have developed and managed over 13.5 million square feet of real estate assets including self-storage, industrial, retail, office and residential.
BaySpace is actively pursuing multi-tenant industrial assets across Florida, with an eye toward expanding the brand into other Sun Belt regions – and eventually nationwide. The acquisitions scheduled to close this fall are for a 185,000-square-foot small-bay building in Winter Springs and 205,000-square-foot small-bay portfolio in Melbourne.
“We feel emphatically that small-bay, multi-tenant industrial is an underserved asset class,” said Anthony Scavo, BaySpace Head of Property Management and Chief Operating Officer | Partner of Basis Industrial. “We pivoted into the business and are already poised to become the largest small-bay industrial player in the Florida market.”