Basis Industrial Opens Boston-Area Storage Facility
The company broke ground on the project in March 2022.
The self storage facility operating under Public Storage management features 806 units. Image courtesy of Basis Industrial
Basis Industrial has opened a 111,000-square-foot self storage facility in Plymouth, Mass. The property will be managed by Public Storage.
The company purchased the land in November 2021 for $3.5 million in an off-market transaction with a private seller, and broke ground on the project in March 2022.
According to Yardi Matrix data, the development was financed with a $10.7 million construction loan secured in September 2022 from TD Bank. Constructed in two phases, project was completed in 16 months.
The three-story building was developed on 2.1 acres at 5 Resnik Road, near the Plymouth Municipal Airport and 40 miles from Boston. The facility features 806 climate-controlled units. The Public Storage brand offers units ranging from 25 to 250 square feet, with on-site amenities that include video surveillance, electronic gate access, moving supplies and keypad access.
The property is one of the four available within a 3-mile radius, offering residents 9.2 rentable square feet of storage space per capita. As of October, the Boston market had 16 self storage properties under construction and 46 in the planning and prospective stages, set to add approximately 3.1 million square feet to the existing inventory, Yardi Matrix data shows.
Basis Industrial currently has 15 self storage projects in various stages of development throughout the U.S. Last month, the company received an $8.3 million construction loan for the development of a 645-unit facility in Detroit. Upon completion, the 78,187-square-foot property will be managed by Public Storage as well.
