Inland Private Capital, Devon Deliver New Jersey Facility
The redeveloped building features 64,000 square feet and 652 self storage units.
Inland Private Capital Corp., in partnership with Devon Self Storage, has opened a new self storage facility in Hazlet, N.J. The project marks the fourth redevelopment delivery on behalf of an IPC affiliate.
A former Sports Authority location, the property was originally built in 2000. The asset was acquired in 2021 and became subject to a $6.2 million construction loan provided by Flagstar Bank, according to Yardi Matrix data. IPC transformed the property into a 64,000-square-foot storage facility.
The single-story building sits on 3.7 acres and features 652 climate-controlled units, ranging from 25 to 300 square feet. On-site amenities include video surveillance, gated and drive-up access, as well as RV and boat parking.
The property is located at 3434 State Route 35, 50 miles from Trenton and 38 miles from New York City. The facility is one of the five available within a 3-mile radius, offering residents 2.8 rentable square feet per capita. Yardi Matrix data shows that the New Jersey–Central market currently has 58 properties under construction in various stages of development, set to add approximately 3.5 million square feet to the existing inventory.
On average, Inland Private Capital Corp.’s self storage portfolio is 88 percent occupied and includes 173 properties across 29 states. Just last week, IPC in partnership with Devon announced its third storage conversion, a former K-Mart store that will total 91,787 square feet. The first phase features 57,287 square feet, with the second phase slated for completion in April 2023. The entire property will offer 769 units.