- Basis Industrial closed a $20.5 million construction loan and land acquisition for a 707-unit, 102,673-square-foot climate-controlled self-storage facility in Surprise, Arizona, marking its first Arizona development.
- NexBank and NexPoint provided the construction financing for the Truman Ranch site, with construction starting this year and completion targeted for fall 2027.
- The project taps into rising self-storage demand in fast-growing Phoenix, where Truman Ranch alone is adding more than 600 new apartment units.
Basis Industrial, a Delray Beach, Fla.-based real estate owner and operator, closed a $20.5 million construction loan and completed a land acquisition on Sept. 2, 2026, for its first Arizona self-storage development at 17140 W. Waddell Road in Surprise. The project will deliver a 102,673-square-foot, 707-unit climate-controlled facility within the Truman Ranch master-planned community. Construction is expected to start later this year, with completion targeted for fall 2027.
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Four Years in the Making
The Surprise site caps more than four years of planning and entitlement work for Basis Industrial, which has been advancing its portion of Truman Ranch since 2021. The company said it chose the location largely because of the residential and commercial development already underway across Surprise and within the broader Truman Ranch community.
“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.”
The Details
NexBank and NexPoint provided the $20.5 million construction loan, which closed alongside the land purchase on Sept. 2, 2026. Once complete, the facility at 17140 W. Waddell Road will span approximately 102,673 square feet across 707 climate-controlled storage units.
Basis Industrial expects construction to begin later this year, with the facility opening in fall 2027 to serve residents of one of the Phoenix metro’s fastest-growing communities. The development is designed to bring modern, climate-controlled storage capacity to a submarket that has seen limited existing supply relative to its pace of residential growth.
Truman Ranch is one of several master-planned communities transforming Surprise’s western edge, combining new housing with retail and commercial development that has accelerated over the past several years.
Zooming Out
Self-storage demand has stayed resilient even as broader commercial real estate dealmaking has cooled, with storage demand climbing nationally as more Americans rent units. Fast-growing Sun Belt metros like Phoenix have been among the biggest beneficiaries of that shift, driven by rapid household formation and continued buildout of master-planned communities.
Basis Industrial’s entry into Arizona extends a self-storage and multi-tenant industrial platform that already spans Florida, Texas, New York, Pennsylvania, New Jersey, Georgia, Alabama, Massachusetts, and Michigan, giving the company a foothold in another high-growth Sun Belt state.
Why It Matters
The project underscores how population growth in secondary Sun Belt markets is translating directly into self-storage demand. Truman Ranch alone is adding more than 600 new apartment units, a wave of rooftops that typically drives incremental need for storage space as new residents move in and downsize.
For Basis Industrial, the Surprise development also diversifies its footprint beyond its established East Coast and Texas markets. The company has grown its self-storage and multi-tenant industrial portfolio to more than 10 million square feet, with another 2 million to 3 million square feet expected by the end of 2026, and it was named among the fastest-growing companies in South Florida by the South Florida Business Journal each year from 2023 to 2025.
The company’s property management arm, BaySpace, oversees operations across the Basis Industrial portfolio, and the sponsors and their affiliates have collectively developed and managed more than 30 million square feet of real estate over their careers.
What’s Next
Construction on the Surprise facility is slated to begin later this year, with Basis Industrial targeting a fall 2027 opening. The company continues to pursue self-storage and industrial opportunities in other high-growth markets, and executives have signaled Arizona could be the first of several new-state entries as the platform keeps expanding.
