Inland Self-Storage Fund Completes Philly Development
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 an 88,000-square-foot Class-A self-storage facility located in Philadelphia.
The asset is part of the Self-Storage Qualified Opportunity Fund II, L.L.C., offering which launched in December 2021 and closed in winter 2022 after raising nearly $103 million, according to past reporting by AltsWire.
Strategically positioned along I-95, one of the most heavily traveled highways in the United States, the newly redeveloped property sits adjacent to the Delaware River at 5200 Unruh Avenue. Originally constructed in 1900 and former home to the Moulton Ladder Manufacturing Company, the building has been converted into a five-story, climate-controlled self-storage facility. The building now features 932 storage units, a 24-hour security system, and a covered loading area designed for customer convenience.
“With Philadelphia now ranked as the sixth largest city in the U.S. and serving a population of over 5.8 million according to U.S. Census data, this redevelopment directly responds to the region’s increasing demand for revitalized infrastructure and services,” said Greg Mackay, chief operating officer of Devon. “This new self-storage facility supports the city’s ongoing commercial and residential growth, particularly along the waterfront, where development has been steadily accelerating.”
This project marks the 18th collaboration between Inland Investments and self-storage developer, owner, and manager Devon on behalf of investors participating in private offerings focused on self-storage assets.
“Philadelphia’s unique blend of dense housing, a growing population, and limited self-storage availability continues to fuel demand for modern, accessible storage solutions,” said Keith Lampi, chief executive officer and president of Inland Investments. “We’re proud to expand alongside Devon, delivering high-quality, purpose-built self-storage developments that meet the evolving needs of diverse communities nationwide.”
Devon recently celebrated a milestone, announcing the addition of 96 self-storage assets – both new builds and acquisitions – across 31 states in 2024 and 2025, which brough the company’s total to 202 self-storage facilities, representing 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 $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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