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 for a self-storage facility located at 111 Centennial Blvd. in Voorhees Township, New Jersey. Basis Industrial acquired the land on which the storage facility will be built in fall 2022.
Berkadia sourced the construction loan from WSFS Bank. Basis Industrial plans to break ground on the 113,000-square-foot 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.
The 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.
