Inland, Devon Deliver Second Self-Storage Property in One Month
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. – announced they have completed construction of a 77,600-square-foot Class-A self-storage facility located in Southfield, Mich.
Conveniently located at 24700 Northwestern Highway in one of Detroit’s northwest suburbs, near major thoroughfares I-696 and M-10, the Lodge Freeway, the property has been converted from an office building to a four-story, climate-controlled self-storage facility with 767 self-storage units, a 24-hour security system and a covered loading area.
“We are thrilled to redevelop this property ideally surrounded by offices, hotels, restaurants, healthcare facilities and shopping centers, making it a central spot for commercial activity,” said Greg Mackay, chief operating officer of Devon. “The area is also home to several schools and educational institutions, and the self-storage facility benefits from Southfield’s location as a hub for businesses in metro Detroit.”
This is the 17th Inland-Devon project delivered on behalf of investors in private offerings comprised of self-storage assets in diverse markets throughout the nation.
“Southfield’s significant business presence, with more than 27 million square feet of office space and home to numerous Fortune 500 Companies, created a demand for self-storage,” said Keith Lampi, chief executive officer and president of Inland Investments. “We are pleased to work with Devon to supply the market’s need for storage and expand our national growing portfolio of 190 properties in 31 states.”
The project follows last month’s announcement where Inland Investments and Devon completed construction of a nearly 80,000-square-foot, self-storage facility located in St. Louis.
Inland Investments’ current self-storage portfolio spans more than $1.8 billion in assets under management.
Inland Investments’ current self-storage portfolio spans more than $1.8 billion in assets under management. Devon has built more than 350 self-storage facilities and currently manages 190 properties with a footprint in 31 states across the country and three European countries.
Headquartered in Oak Brook, Ill., Inland Real Estate Investment Corporation, i.e., Inland Investments, is a real estate investment manager and a member company of The Inland Real Estate Group of Companies Inc., one of the nation’s largest commercial real estate and finance groups. Inland Investments specializes in offering public and private tax-advantaged, growth and income real estate solutions spanning virtually every sector of the commercial real estate market. Since inception, Inland has engaged in real estate, including property management, leasing, marketing, acquisition, real estate brokerage, development, redevelopment, construction, real estate financing and other related services. Inland member companies have facilitated more than $55 billion in acquisitions since inception and currently manage a diverse real estate portfolio of approximately $16 billion across 42 states.
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