MCSS Development & Investment LLC, which has previously specialized in self-storage acquisitions and development, has changed its name to Basis Industrial. The rebranding coincides with a broadening of its real estate investment interests to include “traditional” industrial properties. The company recently completed two related acquisitions in Medley and Orlando, Florida, through its subsidiary, BaySpace, according to a press release.
“Our self-storage venture has been incredibly successful,” said Daniel Weinstein, a partner with Basis. “Launching Basis Industrial and subsidiary BaySpace gives us the opportunity to also address pent-up demand for industrial real estate.”
In Medley, a Miami suburb, BaySpace purchased the former Megacenter Palmetto, a mixed-use property that includes coworking suites, self-storage and small-bay industrial space. Built on 8.6 acres, the building at 8600 N.W. South River Drive comprises more than 180,000 square feet. The structure was built in 1970 but underwent a significant renovation several years ago, according to a source. The seller was represented in the transaction by Bryan Demello, asset manager and in-house broker for Megacenter.
The Orlando property is a 33,000-square-foot, small-bay industrial building. In addition, BaySpace expects to close on two other Florida industrial properties this fall. The company plans to purchase 1 million square feet of commercial space this year. It’s initially targeting multi-tenant industrial assets in Florida, with the intent to expand throughout the Sun Belt and eventually nationwide, the release stated.
Based in Miami, Basis is led by Weinstein and MCSS founders Steve Garchik and Jay Massirman. It owns more than 2 million square feet of self-storage and industrial space. BaySpace serves as its property-management division, according to the release.
Source: South Florida Business Journal, Megacenter Continues Selloff With $33M Deal in Medley