Inland, Devon Deliver Nearly 60K-Square-Foot Self-Storage Property in Massachusetts
Real estate investment manager Inland Real Estate Investment Corporation and Devon Self Storage – both of which are members of The Inland Real Estate Group of Companies Inc. – jointly announced that they have completed construction of a 59,837-square-foot, Class A self-storage facility located in Springfield, Mass.
Located at 2155 East Columbus Ave., near a major downtown thoroughfare and the I-91 overpass along the Connecticut River, the property previously served as a historical factory building. The redeveloped facility is comprised of three interconnected buildings encompassing 601 climate-controlled self-storage units, drive-through unit capability, and a 24-hour security system.
“We are thrilled to revitalize this historic downtown Springfield building by converting it into a new state-of-the-art self-storage facility to serve the needs of the rapidly growing community’s businesses and residents,” said Greg Mackay, chief operating officer of Devon.
This is the 15th joint project delivered on behalf of investors in private offerings comprised of self-storage assets.
“We identified Springfield as a prime location for a new self-storage property due to its rapid population increase over the past 10 years,” said Keith Lampi, chief executive officer and president of Inland Investments. “Considered a top underserved market for self-storage in 2024, we are pleased to help close the market’s supply and demand gap and continue our collaboration with Devon to bring top-tier self-storage properties to markets nationwide.”
As recently reported by AltsWire, this delivery follows closely on Inland and Devon’s recent delivery of two self-storage properties in the Southeast. Inland also recently acquired a New Jersey-based multifamily property for $131.5 million.
Inland Investments’ current self-storage portfolio spans more than $1.7 billion in assets under management. Devon currently manages 188 properties with a footprint in 32 states across the country.
Headquartered in Oak Brook, Ill., Inland Investment Real Estate Corporation specializes in offering multiple-owner, tax-focused, private placement investments including qualified opportunity zone investments throughout the United States. Since inception, Inland member companies have facilitated more than $55 billion in acquisitions and currently manage a real estate portfolio of approximately $17 billion across 43 states.
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