Inland, Devon Open Pennsylvania Self Storage Conversion
The second phase of the development is slated for completion by April 2023.
Inland Private Capital Corp., in partnership with Devon Self Storage, has completed a new self storage conversion in Allentown, Pa. This is the third delivery and one of the 10 storage redevelopment projects for Self-Storage Qualified Opportunity Fund LLC.
Previously home to a K-Mart, the facility consists of 91,787 square feet, constructed on 12.2 acres. Inland acquired the property in September 2021 for $7 million, Lehigh County records show. The now completed first phase features 57,287 square feet, while the second phase of an additional 34,500 square feet is slated for opening by April 2023.
The storage facility features climate-controlled units, interior drive through and exterior drive-up access. The entire property will offer 769 self storage units, ranging from 25 to 400 square feet. On-site amenities will include 24-hour video surveillance and electronic gate access.
With access to Interstate 78, the property is located at 1502 S. 4th St., 2.2 miles from downtown Allentown and 56 miles from Philadelphia. The property is one of 10 storage facilities within a 3-mile radius, offering residents 2.1 rentable square feet per capita. According to Yardi Matrix data, the Allentown-Bethlehem storage market has a supply pipeline of 22 properties in various stages of development, set to add approximately 1 million square feet to the existing inventory.
Inland’s storage portfolio includes 173 properties across 29 states, with $1.6 billion assets under management. Devon Self Storage has over 183 self storage facilities across 23 states. Last November, Devon landed a refinancing loan for a 675-unit storage facility in Chicago.