Basis Industrial Closes on $11 Million Construction Loan for Self-Storage Facility on its Property in Melbourne, Florida

Basis Industrial has successfully secured an $11 million construction loan for our new self-storage facility located at 2560 Aurora Road, Melbourne, FL 32935. This new project is a testament to our commitment to growth and excellence in the real estate sector. The land for this state-of-the-art facility was acquired in November 2022, and we broke ground in July 2023. With 955 climate-controlled units, advanced security systems, and a wealth of amenities, our new facility is designed to serve the growing needs of Melbourne’s community.

Our approach is thoughtful and strategic. We specifically choose markets such as Melbourne that offer strong growth potential and align with our stringent criteria for development. The acquisition of this property and the Space Coast Small Bay Portfolio at $30 million signifies our confidence in the area’s potential.

Construction is well underway, and we anticipate completion by fall 2024. Upon completion, management of the facility will be entrusted to Extra Space Storage, ensuring that our customers receive top-notch service.

Expansion is key to our strategy, and we’re proud to have 15 storage projects in various stages of completion across the United States. We remain meticulous in our market selection, ensuring that each new development aligns perfectly with our vision and our customers’ needs.

Our foundation at Basis Industrial is built on over 100 years of combined experience in real estate development and management, and we’re excited to bring another 1 million square feet of self-storage and industrial real estate into our portfolio this year.

For more information about Basis Industrial and our portfolio, visit our websites at www.basisindustrial.com and www.bayspace.com. At Basis Industrial, we are steadfast in our mission to develop and operate real estate that meets the highest standards of quality and efficiency.

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 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