Inland & Devon Deliver New 767-Unit Class-A Self Storage Property in Michigan
Oak Brook, IL – Inland Real Estate Investment Corporation (“Inland Investments”), an industry leading real estate investment manager, and Devon Self Storage (“Devon”), one of the largest privately owned national self-storage developers, owners and managers and a member of The Inland Real Estate Group of Companies, Inc., announced together they have completed construction of a 77,600-square-foot Class-A self-storage facility located in Southfield, Michigan.
Conveniently located at 24700 Northwestern Highway in one of Detroit’s northwest suburbs, near major thoroughfares I-696 and M-10 (the Lodge Freeway), the property has been converted from an office building to a four-story, climate-controlled self-storage facility with 767 self-storage units, a 24-hour security system and a covered loading area.
“We are thrilled to redevelop this property ideally surrounded by offices, hotels, restaurants, healthcare facilities and shopping centers, making it a central spot for commercial activity,” said Greg Mackay, chief operating officer of Devon. “The area is also home to several schools and educational institutions, and the self-storage facility benefits from Southfield’s location as a hub for businesses in metro Detroit.”
This is the 17th IPC-Devon project delivered on behalf of investors in private offerings comprised of self-storage assets in diverse markets throughout the nation.
“Southfield’s significant business presence, with more than 27 million square feet of office space and home to numerous Fortune 500 Companies, created a demand for self-storage,” said Keith Lampi, CEO and president of Inland Investments. “We are pleased to work with Devon to supply the market’s need for storage and expand our national growing portfolio of 190 properties in 31 states.”
Inland Investments’ current self-storage portfolio spans more than $1.8 billion in assets under management.