A 142,069-square-foot multi-tenant light industrial property was purchased in Orlando.
Basis Industrial, a privately held and vertically integrated real estate owner and operator based in Delray Beach, Florida with an Orlando regional office, closed on/purchased Chancellor Square, a 142,069-square-foot multi-tenant light industrial property, this month for $20 million. The property is located at 2400 Sand Lake, 8100 Chancellor Drive, and 8500 Chancellor Drive, Orlando, Florida.
Chancellor Square is located proximate to its existing investments Gateway, Commerce Point and Lakefront which were purchased in 2022 and 2024 respectively. The purchase elevates Basis to be one of the largest landlords in Orlando Central Park, a coveted industrial submarket in Orange County. Gateway, Commerce Point, and Lakefront has recorded more than 70,000 square feet of leasing activity in the past 12 months.
Basis President and Managing Partner Anthony Scavo represented Basis in the off-market purchase of Chancellor Square; CBRE Executive Vice President Ron Rogg represented seller B Group Capital Management. Seacoast Bank is providing financing for the purchase.
Basis will utilize its vertically integrated property management arm BaySpace, which already has a local management presence to manage Chancellor Square.
Basis plans to implement a robust capital program to elevate the fully stabilized Chancellor Square with new roofs and interior and exterior enhancements, including a robust branding program
During the due diligence phase, Basis Industrial successfully secured a 9,500-square-foot lease, increasing property occupancy to 100%. The acquisition underscores Basis Industrial’s commitment to delivering best-in-class property management and capitalizing on high-demand locations to provide long-term value to tenants and investors.
Current Chancellor Square tenants include the Department of Health; CoAssist Pharmacy, LLC; Tritech Fall Protection Systems, Inc.; Roush Industries, Inc.; Southern Technical Institute; Home Builders Institute; Merchandise Pickup Services; Rubio Arts Corporations; Medcure Inc.; Liquid O2 Transfills, Inc.; Nextran Corporation, Language Center of America, and High Risers Corporation.
“We are pleased to have acquired Chancellor Square, making us one of the largest landlords in Orlando Central Park,” said Scavo. “Chancellor Square provides Basis Industrial with the opportunity to enhance our competitive positioning in the market, retain strong cash flow, further leverage our local property management expertise through BaySpace, and drive continued value for our tenants and stakeholders.
“Additionally, it was a pleasure working with B Group Capital Management. We feel honored to have sellers come directly to us, a testament to our great history of closing and being honorable buyers,” added Scavo.
