On July 16, Basis Industrial marked a significant milestone with the groundbreaking of our mixed-use property at 100 Business Park Drive in Armonk, New York. This exciting project includes a 60,000-square-foot existing mixed-use warehouse and a new 117,000-square-foot mixed-use building set for construction.
The event drew notable attendees, including our president and managing partner Anthony Scavo; Joseph Rende, supervisor of the Town of North Castle; Barbara DiGiacinto, councilwoman of the Town of North Castle; Adam Kaufman, director of planning of the Town of North Castle; Claude Okin, CEO of Sportime; and Hannah Dorff, senior manager of third-party relationships at Extra Space Storage. Other local dignitaries and our dedicated team members were also present to celebrate the occasion.
We provided refreshments and light bites, creating a welcoming atmosphere for our guests. VIPs gave speeches before participating in the ceremonial groundbreaking, with shovels marking the first official dig.
We acquired the site in spring 2023 and are on track to open the new facility by Q3 2025, achieving 100% preconstruction leasing. The property will feature an Extra Space Storage branded and operated self-storage facility measuring 82,400 square feet, a Sportime branded and operated pickleball facility covering 26,550 square feet, and a new 8,000-square-foot warehouse for the expansion of Jan-Tile, the primary existing tenant in the current 60,000-square-foot warehouse.
On May 31, 2024, we secured a $39.6 million loan to support the construction of the new building and refinance the existing mixed-use property.
This new facility represents our first acquisition in Westchester County, chosen for its strategic proximity to major highways and ports, making it an ideal investment location.
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. He now serves as managing partner. Together they have over 100 years of combined Real Estate Development and Management experience. 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.