Inland Private Capital, Devon Self Storage Deliver Hazlet Facility
Inland Private Capital Corporation (IPC), a real estate investment manager, and Devon Self Storage Holdings (US) LLC have delivered a 652-unit self-storage property located in Hazlet, NJ. The opening marks the fourth redevelopment delivery on behalf of an affiliate of IPC.
The single-story building, formerly a Sports Authority located approximately 30 miles southwest of NYC and 50 miles northeast of Philadelphia, was acquired in 2021 and redeveloped into a 64,000-square-foot,self-storage facility. Hazlet’s undersupplied market combined with the property’s location on Route 35 and adjacency to The Home Depot store position the asset well.
“Self-storage continues to prove its recession-resiliency with strong fundamentals in occupancy and rent growth,” said Keith Lampi, president and CEO of IPC. “We are thrilled to have recently repurposed more than 230,000 square feet of commercial real estate into self-storage facilities with favorable demographics and demand drivers.”
- ◦Development