Basis Industrial, a privately held and vertically integrated real estate owner and operator based in Boca Raton, Florida, closed on a $12.1 million construction loan on Thursday, Aug. 31 for a self-storage facility located at 111 Centennial Blvd., Voorhees Township, New Jersey 08043. Basis Industrial acquired the land on which the storage facility will be built in fall 2022.
Berkadia sourced the construction loan from WSFS Bank. In later September 2023, Basis Industrial plans to break ground on the 113,000-square-foot, state-of-the-art self-storage facility featuring climate-controlled units, advanced security systems, and other amenities. Slated construction completion is fall 2024. Basis Industrial plans to have a third party, Public Storage, manage the facility upon completion.
An ideal location for a self-storage facility, the now vacant site is easily accessible from major highways and in close proximity to residential areas. Basis acquired the development site in fall 2022 from Taylor Mills for $1.115 million. Jeffrey Lucas of Rose Commercial Real Estate represented both the buyer and the seller in that land transaction.
Basis Industrial, which is expanding its portfolio of industrial and commercial properties across the U.S., currently has 15 storage projects at varying stages of completion throughout the U.S.
“The construction of our self-storage site in Voorhees Township, a growing market for self-storage, is a strategic opportunity in a prime location with strong market fundamentals,” said Daniel Weinstein, CEO of Basis Industrial. “It is one example of our continuing growth and investment in markets throughout the country.”
About 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. Basis brought Anthony Scavo on as COO/President to run day-to-day activities of the company. Together they have over 100 years of combined Real Estate Development and Management experience. It has deep roots in the self-storage and industrial sectors. Basis currently owns over 2.5 million square feet of self-storage and industrial real estate and is scheduled to close another 1 million square feet in 2023. Active markets for Basis include South Florida, Pennsylvania, New Jersey, New York, Texas, Boston, Los Angeles and select urban markets nationwide. In total, the sponsors have developed and managed over 13.5 million square feet of real estate assets including self-storage, industrial, retail, office and residential. BaySpace is the property management arm of Basis. For more information, visit www.basisindustrial.com or www.bayspace.com.
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