Inland Private Completes New Jersey Self-Storage Redevelopment

Inland Private Capital Corporation, together with Devon Self Storage Holdings (US) LLC, announced the delivery of a 652-unit self-storage property located in Hazlet, New Jersey on behalf of an Inland-sponsored real estate fund.

The opening marks the fourth redevelopment delivery on behalf of an affiliate of Inland Private.

The single-story building, formerly a Sports Authority located approximately 30 miles southwest of New York City and 50 miles northeast of Philadelphia, was acquired in 2021 and redeveloped into a 64,000-square-foot Class A self-storage facility. Inland Private says Hazlet’s “undersupplied” market combined with the property’s location on Route 35 and adjacency to a nearby The Home Depot store “position the asset well.”

“Self-storage continues to prove its recession-resiliency with strong fundamentals in occupancy and rent growth,” commented Keith Lampi, president and chief executive officer of Inland Private. “We are thrilled to have recently repurposed more than 230,000 square feet of commercial real estate into self-storage facilities with favorable demographics and demand drivers.”

To date, Inland Private’s self-storage portfolio includes 173 properties across 29 states. On average, Inland Private’s portfolio of self-storage assets is approximately 88% occupied.

Inland Private Capital Corporation specializes in offering multiple-owner, tax-focused, private placement investments as well as qualified opportunity zone investments throughout the U.S. Currently, it manages a portfolio of more than $12 billion across several asset classes spanning 43 states.

As of Sept. 30, 2022, the firm had sponsored 301 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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