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asis Industrial Expands Orlando Footprint with Chancellor Square Acquisition
In a strategic move, Basis Industrial has solidified its position as one of the largest landlords in Orlando Central Park by acquiring Chancellor Square, a 142,069-square-foot multi-tenant light industrial property. The $20 million purchase, finalized on February 11, 2025, marks a significant expansion for the company's presence in the coveted submarket.
Located at 2400 Sand Lake, 8100 Chancellor Drive, and 8500 Chancellor Drive, Chancellor Square is situated near Basis' existing investments, including Gateway, Commerce Point, and Lakefront. These properties have seen over 70,000 square feet of leasing activity in the past year, further solidifying Orlando Central Park's status as a high-demand location.
Basis President Anthony Scavo represented the company in the off-market purchase, with CBRE Executive Vice President Ron Rogg representing seller B Group Capital Management. Seacoast Bank provided financing for the acquisition.
To enhance the property, Basis will implement a comprehensive capital program, including new roofs and interior/exterior upgrades. The company's vertically integrated property management arm, BaySpace, will oversee the project, leveraging its local expertise to drive value for tenants and stakeholders.
During due diligence, Basis secured a 9,500-square-foot lease, increasing occupancy to 100%. Current tenants include a diverse range of businesses, from healthcare providers to manufacturing companies.
"We're thrilled to have acquired Chancellor Square, further establishing our presence in Orlando Central Park," said Scavo. "This acquisition positions us for long-term success, allowing us to enhance our competitive edge and drive continued value for our stakeholders."
Basis Industrial is a privately held real estate owner and operator with over 100 years of combined experience among its leadership team. The company owns over 5 million square feet of self-storage and industrial real estate, with plans to expand to an additional 3-4 million square feet by the end of the year.
As one of the fastest-growing companies in South Florida, Basis Industrial has received recognition for its achievements, including being ranked No. 1 by the South Florida Business Journal in 2023 and winning Commercial Observer's Breakthrough Awards in 2024.
