Basis closes Surprise land deal with storage construction loan

Basis Industrial closed the land and a $20.5 million construction loan for its Surprise, Ariz. self-storage project in one stroke, Connect CRE reports, with NexBank and NexPoint providing the construction financing. The facility at 17140 W. Waddell Road is planned for approximately 102,673 square feet and 707 climate-controlled units, with construction expected to start later this year and an opening anticipated in fall 2027.

The parcel sits inside Truman Ranch, a master-planned community where Basis has been advancing its portion of development since 2021, and the project follows more than four years of planning and entitlement. Basis selected the location in part because residential and commercial development is spreading through Surprise and within Truman Ranch, which includes more than 600 new apartment units. That apartment count matters more than the storage units, because a facility opening in fall 2027 will be marketing into a neighborhood whose rooftops are being added on the same master plan.

Basis is using Truman Ranch's own build-out as its demand schedule, and NexBank and NexPoint are lending against that neighborhood calendar. Closing the land and the construction loan together indicates the entitlement work is behind the project. The remaining risk is lease-up timing. Surprise is one of the fastest-growing communities in the Phoenix metro—a fact that works both ways. Fast growth creates storage demand, but it also keeps the development math attractive enough for more supply to follow, so by fall 2027 the spread comes down to how many of those 600-plus apartment doors have turned into tenants and whether additional storage facilities have cleared planning beside them.