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Inland Takes Majority Stake in Devon Self Storage
The Inland Real Estate Group of Companies, Inc. said Monday it had agreed to acquire a majority interest in the business of Devon Self Storage Holdings (US) LLC, one of the largest privately owned national self-storage operators. Deal terms weren’t disclosed.
Inland has amassed a $1.7-billion portfolio of self-storage properties, including stabilized properties and development projects, since entering the sector in 2016. The acquisition will allow allow Inland to leverage Devon’s existing senior management team while providing additional capital and infrastructure necessary to further drive the going-forward platform’s innovation and expansion plans, including growth of Devon’s third-party management and development platform.
Currently, Devon manages 202 properties and approximately 109,000 units nationally. Founded in 1988 by Ken Nitzberg, Devon has established itself as a leader and pioneer in the self-storage industry, having owned, managed or developed more than 350 self-storage facilities in 27 states and three European countries.
“Devon has been an integral strategic partner as Inland has expanded our presence in the self-storage sector,” said Keith Lampi, president and CEO of Inland Private Capital Corporation. “As the sector continues to institutionalize, creating operational efficiencies for the benefit of our investors through scale has never been more important. I am looking forward to the synergies created by this transaction.”
Pictured: A Devon self-storage property in Palm Springs, CA.
- ◦Sale/Acquisition
