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Inland, Devon Deliver Pair of Southeast Self-Storage Properties in Louisiana and Florida

By Mari Nicholson

Inland Devon Deliver Pair of Southeast Self Storage Properties in Louisiana and Florida

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 finalizing construction on two Class-A self-storage redevelopments located in Baton Rouge, La., and Holly Hill, Fla.

Baton Rouge and Holly Hill represent the 13th and 14th self-storage developments delivered on behalf of investors across four separate private offerings. Both are part of the Self-Storage Qualified Opportunity Fund II, L.L.C., offering which launched in December 2021 closed in winter 2022 after raising nearly $103 million, according to past reporting by The DI Wire.

“These new state-of-the-art facilities are strategically situated along key thoroughfares in Baton Rouge and Holly Hill, making them perfectly positioned to meet the self-storage needs of both residents and businesses,” said Kenneth E. Nitzberg, co-chief executive officer of Devon.

The Baton Rouge property, ideally located at 415 North 15th Street near downtown and next to the FEMA Joint Field Office, offers four stories with two elevators for easy access to 1,103 climate-controlled self-storage units. The 90,760-square-foot facility also features drive-up unit capability and a 24-hour security system.

At 1340 Ridgewood Avenue in Holly Hill, approximately four miles north of Daytona Beach, the redeveloped self-storage facility previously served as a Florida Health Care Plans office. The property is comprised of three stories with elevator access to 996 climate-controlled self-storage units and features drive-up unit capability and a 24-hour security system.

“Long-term demand for self-storage continues to benefit from several structural and societal trends, which we believe will fuel the sector’s growth and performance in the years to come,” said Keith Lampi, CEO and president of Inland Investments. “We look forward to serving these Southeast communities and continue our collaboration with Devon to bring top-tier self-storage properties to market nationwide.”

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.

For more Inland Private Capital news, please visit their directory page.

 

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