SURPRISE, Ariz. A 707-unit self-storage project planned for 17140 W. Waddell Road has secured a $20.5 million construction loan, clearing a major financing milestone for a development expected to start construction later this year.
Basis Industrial said the land acquisition and financing transaction closed Sept. 2. The project is planned for approximately 102,673 square feet of climate-controlled storage within the Truman Ranch master-planned community. NexBank and NexPoint provided the construction financing, according to the company announcement republished by citybiz and independently reported by REBusinessOnline.
The financing does not mean the facility is open or already under construction. Basis says construction is expected to begin later in 2026, with completion and opening targeted for fall 2027.
First Arizona storage development for Basis
The Surprise project marks Basis Industrial’s first self-storage development in Arizona. The Florida-based real estate company has been advancing its portion of Truman Ranch since 2021, and its self-storage development portfolio now lists Surprise among its active markets.
Basis said the Truman Ranch location was selected in part because of residential and commercial growth around the site. The company says the broader master-planned community includes more than 600 apartment units.
The storage project itself is planned entirely as climate-controlled space, with 707 units across roughly 2.36 acres of building floor area. The company has not announced a tenant-facing brand, rental rates or a specific construction-start date.
What the milestone means for Surprise
The transaction adds another financed commercial project to the Waddell Road growth corridor, where Surprise has seen substantial residential, retail and employment development in recent years. It also gives the project a clearer path from entitlement and planning into construction, although the developer’s projected schedule could still change.
For residents, the most concrete next milestone is a construction start. Until work begins, the project should be considered financed and planned rather than under construction.
West Valley Post is tracking major commercial, infrastructure and public-investment projects across the city in the Surprise Development Tracker.
Image: Surprise City Hall, used as a representative archival image. Photo by Venske via Wikimedia Commons, CC BY-SA 3.0. The image does not depict the project site.
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