Inland Private Capital, Devon Self Storage Announce Delivery of N.J. Property
Real estate investment manager Inland Private Capital Corporation and Devon Self Storage, one of the largest privately owned U.S. self-storage developers, owners, and managers – announced the completion of a nearly 87,000-square-foot self-storage facility in Glassboro, N.J. This is the pair’s eighth project delivered in a 10-property fund, Self-Storage Qualified Opportunity Fund, L.L.C., comprised of self-storage assets in diverse markets across the nation.
“This newest property is ideally located on one of the main thoroughfares in Gloucester County and one mile from Rowan University,” commented Ken Nitzberg, co-chief executive officer of Devon. “This asset is a top quality, state-of-the-art facility with 100% climate control, top-tier security, and video surveillance.”
Located at 124 Delsea Drive South (formerly the Liscio’s Bakery facilities), the property offers two stories with elevators for easy access to 870 climate-controlled self-storage units. The facility also features a wide, centrally located vehicle drive-thru with high-speed roll-up doors for out-of-the-weather unloading, multiple unloading locations, and epoxy finished flooring.
“Given the limited barriers to market entry, Class-A features and excellent location of this asset, demand has been strong and occupancy continues to rapidly increase since opening our doors last week,” commented Keith Lampi, CEO and president of Inland Private Capital. “We look forward to serving the Glassboro community and continuing to collaborate with Devon.”
This property marks Inland Private Capital-Devon’s second development in the New Jersey market. They are already working on a third self-storage asset comprised of 731 storage units under development in Pennsauken, N.J., with an estimated completion in the first quarter of 2025.
Founded in 1988 and now a member of The Inland Real Estate Group of Companies Inc., Devon Self Storage Holdings LLC manages over 186 properties. Devon has owned, managed, or developed more than 350 self-storage facilities in 36 states and three European countries.
Headquartered in Oak Brook, Ill., Inland Private Capital Corporation specializes in offering multiple-owner, tax-focused, private placement investments including qualified opportunity zone investments throughout the United States. It currently manages a diverse portfolio of more than $12.3 billion across several asset classes spanning 43 states.
Inland Private Capital Corporation is a member company of alternative investment management firm, The Inland Real Estate Group of Companies Inc. As of June 30, 2024, the firm had sponsored 317 private placement real estate offerings, with investments and developments in the multifamily, self-storage, hospitality, healthcare, student housing, retail, corporate office, senior living, and industrial sectors.
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