Inland, Devon Finish Construction on Self-Storage Facility in New Jersey
Real estate investment manager Inland Real Estate Investment Corporation, or Inland Investments, 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 110,000-rentable-square-foot Class A self-storage facility located in Camden, N.J.
The asset is part of the 10-property fund, Self-Storage Qualified Opportunity Fund, L.L.C., which launched in October 2020 and raised approximately $100 million from accredited investors.
Located at 1501 Admiral Wilson Boulevard in Camden, directly across the Delaware River from Philadelphia, the property formerly served as a multi-purpose warehousing and distribution facility. After complete demolition of the former facility, the property now consists of a three-story climate-controlled building, offering a total of approximately 1,070 storage units, a 24-hour security system, state-of-the-art flood gates and doors, and a drive-in area providing access to the main interior storage area.
“This self-storage redevelopment is a beneficial addition to Camden right along the heavily traveled route 30, which connects Camden and Philadelphia via the Benjamin Franklin Bridge,” said Greg Mackay, chief operating officer of Devon. “The property is located only two miles from the Delaware River and across the street from the Subaru of America North American headquarters and The Campbell’s Company corporate offices, as well as surrounding businesses and industrial facilities.”
The Camden redevelopment marks the 19th Inland Investments-Devon project delivered on behalf of investors in private offerings comprised of self-storage assets in diverse markets throughout the nation. The companies’ 20th collaboration – a self-storage facility in Fraser, Mich., tied to Self-Storage Qualified Opportunity Fund II, L.L.C. – was completed last month.
“Camden has experienced significant economic growth and development as the area invests heavily in infrastructure projects and waterfront redevelopment along the Delaware River,” said Nati Kiferbaum, chief strategy officer of Inland Investments. “The need for a top-tier self-storage facility has been underscored by the city’s notable increases in employment, investment, and housing market activities. We look forward to serving the Camden market with another successful self-storage collaboration with Devon.”
Devon has established itself as a leader in the self-storage industry having owned, managed, or developed more than 350 self-storage facilities in 31 states and three European countries. Its current self-storage portfolio with Inland represents approximately $2 billion in assets under management.
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 $56 billion in acquisitions since inception and currently manage a diverse real estate portfolio of approximately $17 billion across 43 states.
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