The Florida-based developer that was granted approvals to redevelop a commercial property at 1456 Route 9D in Fishkill has closed on a $33 million acquisition and construction loan and is moving forward with the project. Basis Industrial Acquisitions LLC has plans to construct a new self-storage facility, fast-food restaurant or retail space and a car wash. An existing Sunoco gas station and convenience store would remain. The five-year, interest-only loan was provided by NexBank & NexPoint.
The seller of the property was Ninnie Management Corp., represented by JonCar Realty. The president and managing partner of Basis, 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 company reports that its active markets include Florida, Texas, New York, Los Angeles, Boston, Pennsylvania, New Jersey, Michigan and Alabama.
Basis reports that it currently owns more than five million square feet of multi-tenant industrial assets and more than one million square feet of self-storage assets nationwide, with another one to two million square feet projected to close by year-end.
The existing gas station at the development site has six fueling positions and the convenience store is 1,311 square feet in size. The new car wash would be 2,726 square feet and the fast-food restaurant would be 3,045 square feet. The self-storage building would be 75,057 square feet.
In addition to the new buildings and reconfiguring the driveways to enter and exit the site, improvements at the site would include additional parking, new drive aisles, new lighting, and fresh landscaping. As a result of discussions with Fishkill’s planning consultants a number of changes had been made to the plans including adding to landscaped buffers and adjusting traffic flow into and out of the property.
A traffic study forecast minimal potential impacts from the development, anticipating 104 additional primary trips during the weekday morning peak hour and 85 additional primary trips during the weekday evening peak hour.
