Basis Industrial Secures $20.5M Loan to Develop Self-Storage Facility in Surprise, Arizona
Basis Industrial has secured a $20.5 million construction loan and completed land acquisition for its first self-storage development in Arizona at the Truman Ranch master-planned community in Surprise. The project will include a climate-controlled facility with 707 units across 102,673 square feet, set to open by fall 2027 after starting construction later this year. The company cited strong demand for self-storage driven by Phoenix’s rapid population growth and new residential developments. Truman Ranch alone is adding over 600 apartment units, which typically increases the need for storage solutions as residents move in or downsize. Basis Industrial has been developing its portion of Truman Ranch since 2021 after more than four years of planning. Financing was provided by NexBank and NexPoint, with construction expected to begin later this year. The project aligns with national trends showing sustained self-storage demand despite a slowdown in broader commercial real estate activity.