Basis Industrial Promotes Scavo to CEO, Hires Patel as COO

Delray Beach-based Basis Industrial has promoted Anthony Scavo to chief executive and managing partner, elevating him from president and managing partner, while hiring Nisha Patel as the firm’s first chief operating officer, the company confirmed.

Why it matters

Basis Industrial operates one of South Florida’s more active national industrial and self-storage platforms out of its Miami-area headquarters, and the timing matters: the handoff comes as the firm keeps adding Sunbelt assets, including recent Atlanta and Orlando acquisitions and a Wayne, New Jersey self-storage development. A leadership shakeup at an active buyer signals how it plans to keep deploying capital.

Scavo takes over from founder Dan Weinstein, who moves to founder and chairman, taking on the advisory board and investment committee. Scavo joined Basis in August 2021 after 25-plus years at the LeFrak Organization in New York, where he oversaw construction and development, followed by a stint at Red Apple Group. Patel arrives from Levin Management Corp, where she was COO. She previously led asset management and dispositions at Essential Properties Realty Trust and spent more than a decade at PGIM Real Estate. Patel is expected to run day-to-day operational execution as the portfolio expands nationally.

The numbers

Basis Industrial’s own site puts its current footprint at more than 47 properties, roughly 7.2 million square feet and 50 employees, spanning small-bay and multi-tenant industrial, self-storage hybrid product, and mixed-use “destination” assets across high-growth Sunbelt markets. The firm has not disclosed a dollar figure for assets under management.

What’s next

Scavo’s mandate as CEO will be tested by how fast Basis keeps acquiring in Sunbelt metros outside Florida, where it has already been active this year in Georgia, New Jersey and Florida. Patel’s operational role suggests the firm is bracing for portfolio growth that outpaces its current 47-property base. Neither Basis nor Weinstein has said whether the founder will remain active in sourcing new deals from his new chairman post.