Basis Industrial, a privately held and vertically integrated real estate owner and operator based in Delray Beach, Florida, has closed on a $33 million acquisition and construction loan on August 1, 2025, for a 20-plus-acre mixed-use development located at 1456 NY-9D in Wappingers Falls, New York. The five-year, interest-only loan was provided by NexBank & NexPoint, with Taylor Colbert and Mike Mendelow facilitating the deal.
The site will be developed into a 112,000-square-foot climate-controlled self-storage facility, a 3,000-square-foot car wash and a 2,300-square-foot quick-service restaurant or retail space. An existing Sunoco gas station will remain in operation on the site, and the leased property is part of the purchase. The remaining acreage, zoned residential, will be part of a future phased development.
The seller is Ninnie Management Corp., represented by JonCar Realty. Basis President and Managing Partner Anthony Scavo served as buyer and buyer’s agent.
“This transaction has been years in the making, and we’re proud to finally move forward,” said Scavo. “We spent nearly four years under contract and three years working through the entitlement process. This project brings much-needed revitalization to a high-traffic corridor and expands our development footprint in the Northeast.”
The loan carries a five-year interest-only term and will support full vertical development of the site. Basis will manage the property through its in-house property management division, BaySpace. The self-storage building is planned to be branded and managed by Public Storage.
The Beacon project follows Basis Industrial’s continued expansion across key U.S. markets. The firm currently owns more than 5 million square feet of multi-tenant industrial assets and more than 1 million square feet of self-storage assets nationwide, with another 1 million to 2 million square feet projected to close by year-end. Recent activity includes strategic growth in Florida, Texas, New Jersey, Pennsylvania and New York.
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. Anthony Scavo runs the day-to-day activities of the company, serving as president and managing partner. Together they have over 100 years of combined Real Estate Development and Management experience. Basis currently owns more than 5 million square feet of multi-tenant industrial properties and more than 2 million square feet of self-storage properties either open or in development, with an additional 1 million to 2 million square feet expected by the end of calendar year 2025. Active markets include Florida, Texas, New York, Los Angeles, Boston, Pennsylvania, New Jersey, Michigan and Alabama. 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.
