Basis Industrial Expands into Arizona, Secures $20.5 Million Construction Loan

Basis Industrial, a privately held and vertically integrated real estate owner and operator based in Delray Beach, Fla., announced the acquisition of land and closing of a $20.5 million construction loan for a new self-storage development at 17140 W. Waddell Road in Surprise, Ariz. The transaction closed on Sept. 2, 2026. The project marks Basis Industrial's first self-storage development in Arizona, representing the company's expansion of its self-storage platform into a new state.

The project will encompass approximately 102,673 square feet with 707 climate-controlled storage units upon completion. The construction financing was provided by NexBank and NexPoint. Construction is expected to begin later this year, with completion and opening anticipated in fall 2027. Situated within the Truman Ranch master-planned community, the development will deliver a modern self-storage facility designed to serve one of the Phoenix metropolitan area's fastest-growing communities.

Located in Surprise, the project advances after more than four years of planning and entitlement efforts. Basis Industrial has been advancing its portion of the Truman Ranch development since 2021. The company selected the location in part because of the significant residential and commercial development occurring throughout Surprise and within Truman Ranch. The master-planned community includes more than 600 new apartment units, creating an additional demand driver for self-storage as the surrounding area continues to grow.

"Securing construction financing and completing the land acquisition mark important milestones after years of planning and collaboration," said Anthony Scavo, chief executive officer and managing partner of Basis Industrial. "This project also represents an exciting step as we expand our self-storage platform into Arizona for the first time. We continue to see significant development throughout Surprise, and with more than 600 new apartment units within Truman Ranch alone, we believe there is a strong need for convenient, high-quality self-storage in this community. This financing allows us to move into construction while continuing to expand our self-storage platform in markets with strong long-term fundamentals."

Demand for self-storage continues to increase throughout the Phoenix metropolitan area, driven by rapid residential growth, strong household formation and the continued expansion of master-planned communities such as Truman Ranch.

The Surprise development represents another milestone in Basis Industrial's growing self-storage platform while marking the company's entry into the Arizona self-storage market. The project reflects Basis Industrial's continued focus on pursuing opportunities in high-growth markets with strong long-term fundamentals. Located within one of the region's fastest-growing communities, the development is expected to help meet increasing demand for modern storage solutions while further expanding the company's national development pipeline.