Basis Purchased the Site, Located in Westchester County, in Spring 2023
On May 31, 2024, Basis Industrial, a privately held and vertically integrated real estate owner and operator, secured a $39.6 million loan for construction, for a new build and for the existing refinance of its mixed-use property located at 100 Business Park Drive, Armonk, NY 10504. The project consists of a 60,000 existing square foot mixed-use warehouse and a development site where a 117,000-square-foot mixed-use building will be constructed.
Basis purchased the site in spring 2023 and anticipates completing the new facility, which achieved 100% preconstruction leasing, by Q3 2025. The property will be composed of an Extra Space Storage branded and operated self-storage tenant measuring 82,400 square feet, a Sportime branded and operated pickleball facility measuring 26,550 square feet and a new warehouse facility for the expansion of Jan-Tile, measuring 8,000 square feet. Jan-Tile is the primary existing tenant at the existing 60,000-square-foot warehouse.
Anthony Scavo, president and managing partner of Basis Industrial, and Ackman-Ziff Real Estate Group arranged the financing for the 36-month interest-only loan. Beach Point Capital Management is the lender. This is the second transaction that Beach Point Capital Management has financed for Basis Industrial as it also provided a preferred equity/mezzanine loan of roughly $70 million when Basis Industrial purchased four assets and refinanced two assets in Florida and Texas, totaling a 1,328,443-square-foot portfolio, in a $220 million transaction in November 2023.
“Beach Point Capital Management came through again for us. They have become a valued partner in our continuing acquisition and development streak,” said Scavo. “We are pleased to have secured this $39.6 million construction loan for our mixed-use property in Armonk. Westchester County has a lack of industrial assets and very low vacancy in this asset class. By expanding our New York portfolio into this county, we are happy to provide this exceptional self-storage, recreation and warehouse facility. We have the groundbreaking scheduled for July 2024.”
Basis uses its subsidiary management company, BaySpace, to manage the company’s industrial assets. For more information on Basis Industrial, visit www.basisindustrial.com.
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. Scavo currently serves as president and managing partner of Basis. 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 4 million square feet of self-storage and industrial real estate and is scheduled to close and/or complete another 2 million square feet in 2024. Active markets for Basis include Florida, Pennsylvania, New Jersey, New York, Texas, Boston, Los Angeles, Alabama and select urban markets nationwide. In total, the sponsors have developed and managed over 15 million square feet of real estate assets including self-storage, industrial, retail, office and residential. BaySpace is the property management arm of Basis. In 2023, Basis Industrial was ranked the No. 1 fastest-growing company by South Florida Business Journal. In 2024, Basis was the winner of Commercial Observer’s Breakthrough Awards in the Industrial Transaction of the Year category. For more information, visit www.basisindustrial.com or www.bayspace.com.
