Basis Industrial, a real estate owner and operator based in Boca Raton, Florida, has broken ground on a construction project at 100 Business Park Drive in Armonk. Late last year the developer, which has developed, owns and manages about 15 million square feet of properties, received approvals from the Town of North Castle to construct a building encompassing a 26,461-square-foot pickleball recreation center, an 81,609-square-foot self-storage facility and a new 8,038-square-foot warehouse.
The property covers approximately 11.3-acres. There currently is a 62,782-square-foot office and light industrial building on the property with associated off-street parking. Jan-Tile is the primary tenant in the existing building.
The new construction will feature an Extra Space Storage branded and operated self-storage facility, a Sportime branded and operated pickleball facility, and a new warehouse facility to support the expansion of Jan-Tile.
Among those attending the groundbreaking were: Anthony Scavo, president and managing partner at Basis Industrial; North Castle Supervisor Joseph Rende; North Castle Councilwoman Barbara DiGiacinto; North Castle Planning Director Adam Kaufman; Claude Okin, CEO of Sportime; and Hannah Dorff, of Extra Space Storage.
Basis Industrial purchased the site last year for a reported $30 million. It says that the proposed space will be open by the third quarter of next year and the development will be 100% leased.
Basis said that it was attracted to Westchester because of the region’s proximity to major highways and ports. Other markets where it is active include Florida, Pennsylvania, New Jersey, Texas, Boston, Los Angeles and Alabama.
Basis said that in May it secured a $39.6 million loan for construction and refinancing of the property. Basis said that Scavo, along with Ackman-Ziff Real Estate Group, arranged the financing for the 36-month interest-only loan, provided by Beach Point Capital Management. It said this was the second transaction between Basis and Beach Point Capital Management, following a $70 million preferred equity/mezzanine loan in November of last year for a substantial portfolio purchase and refinance in Florida and Texas.
