Inland, Devon Complete Massachusetts Storage Facility
This is the 15th self storage project the two companies deliver together.
Inland Real Estate Investment Corp., along with Devon Self Storage—a member of The Inland Real Estate Group of Cos. Inc.— have completed the construction of a 59,837-square-foot storage property in Springfield, Mass.
The facility occupies the site of a former historical factory, completed in 1890. The redeveloped property now consists of three four-story interconnected buildings enclosing 601 climate-controlled units, with drive-through unit capability and a 24-hour security system. Unit sizes range from 25 to 330 square feet.
The asset is at 2155 E Columbus Ave., just off Interstate 91, along the Connecticut River. Other major thoroughfares in the area include interstates 391, 291 and 90. There are nine other storage facilities within a 3-mile radius, offering residents some 5 net rentable square feet per capita, according to Yardi Matrix information. As of February, there were six storage properties under construction in the Worcester – Springfield market, set to add 247,021 rentable square feet to the market, the same data provider shows.
The Inland-Devon collaboration
Inland Real Estate and Devon Self Storage have been partnering since 2018, the current endeavour representing the 15th self storage project the two companies deliver together nationwide. Last year, The Inland Real Estate Group of Cos. purchased a majority interest in Devon Self Storage Holdings, ensuring more capital and the necessary infrastructure for expanding Devon’s third-party management and development platform.
In January, the partners completed two self storage properties, one in Baton Rouge, La., and the other in Holly Hill, Fla., totaling 2,099 units. The facility in Holly Hill is a redevelopment of the former Florida Health Care Plans office, which operated at that property for 54 years.
