Inland Private Capital, Devon Deliver Detroit Facility

The two-story facility features 807 units. Image courtesy of Inland Private Capital Corp.

Inland Private Capital Corp., in partnership with Devon Self Storage, has completed a new self storage conversion in Warren, Mich. This is the eighth redevelopment delivery on behalf of an affiliate of IPC.

A former 94,000-square-foot manufacturing facility, the property was originally built in 1955. Inland Private Capital acquired the asset in 2022 for $4 million, from Sodecia Automotive Detroit Corp., according to Macomb County records. The asset was then transformed into an 87,000-square-foot self storage facility. The parking area and the unimproved land will be converted into non-climate controlled units by the end of the year.

The two-story building sits on 4 acres and features 807 units, of which 75 percent are climate-controlled, ranging from 25 to 300 square feet. On-site amenities include video surveillance, gated and drive-up access, interior drive through and a management office.

Located at 23745 Mound Road, the property is off Interstate 696, some 13 miles North of downtown Detroit. The facility is one of the eight available within a 3-mile radius, offering residents 5.5 rentable square feet of storage space per capita. According to Yardi Matrix data, Detroit had a supply pipeline of 40 properties as of November, set to add approximately 2.3 million square feet to the existing inventory.

On average, Inland Private Capital Corp.’s self storage portfolio is 84 percent occupied and includes 178 properties across 30 states. At the beginning of the year, the company partnered with Devon Self Storage for two other conversions, a former K-Mart in Allentown, Pa., and a former Sports Authority location in Hazlet, N.J.