CBRE Arranges $20M Sale of Chancellor Square in Orlando, Florida

CBRE Central Florida Capital Markets team has arranged the sale of a 142,069-square-foot industrial complex in Orlando. Boca Raton-based Basis Industrial purchased the property from Miami-based B Group Capital Management for $20 million.

Ronald J. Rogg, CCIM, Executive Vice President, Capital Markets, CBRE Central Florida represented the seller in the transaction. This marks Rogg’s 59th flex sale representing over 9.0 million square feet and $1 billion in sales.

Chancellor Square features three single-story, free-standing buildings on 23 acres located in Orlando Central Park. The property includes a mix of light industrial, warehouse, flex, and showroom space. At the time of sale, the property was 100% occupied by numerous high credit quality government and publicly traded companies.

"We are thrilled to successfully continue our Single-Story strategic disposition program with the sale of Chancellor Square. This post-pandemic program, which began about 48 months ago, has resulted in the profitable disposition of 1.5 million square feet in Single Story Flex assets across Tampa, Orlando, and Atlanta, delivering returns that exceeded our proforma expectations for investors," said Sebastian Barbagallo, Chief Executive Officer who along with Franco Barbagallo, Chief Operating Officer, represented the ownership entity’s investors in the transaction.

B Group Capital Management specializes in strategic asset management through investor relations, deal and lender structuring, along with property acquisition and repositioning as a subsidiary of B Group Holding Company, a family-owned real estate conglomerate that has acquired, improved and managed Class A, Class B and Class C office buildings and warehouse buildings across 25 properties in 10 different cities in FL, GA, and NC. B Group also develops, acquires, and repositions multifamily assets throughout the Southeastern United States.

Anthony Scavo and Ahmad Elayyan represented Basis Industrial.

Basis Industrial is a vertically integrated real estate owner and operator formed by industry veterans and sponsors Jay Massirman, Stephen Garchik and Daniel Weinstein. Anthony Scavo runs day-to-day activities of the company serving as managing partner. Together they have over 100 years of combined Real Estate Development and Management experience. Basis currently owns more than 5 million square feet of self-storage and industrial real estate, with an additional 3 million to 4 million square feet expected by the end of the year, including 1.7 million square feet set to close in Q1 2025 alone. Active markets for Basis include Florida, Pennsylvania, New Jersey, New York, Texas, Boston, Los Angeles,

Alabama and select urban markets nationwide. In total, the sponsors have developed and managed over 15 million square feet of real estate assets including self-storage, industrial, retail, office and residential. BaySpace is the property management arm of Basis. In 2023, Basis Industrial was ranked the No. 1 fastest-growing company by South Florida Business Journal. In 2024, Basis was the winner of Commercial Observer’s Breakthrough Awards in the Industrial Transaction of the Year category. For more information, visit www.basisindustrial.com or www.bayspace.com.

“We are proud to continue our expansion in Orlando. We started in Orlando and continue to believe in its potential. We hope to add additional properties over the next year. This was a relationship deal and our third deal transacting with B Group. We want to continue to build rapport with sellers in Orlando,” said Anthony Scavo, Chief Operating Officer, Basis Industrial.