Vacant Facility Converted into Michigan Self-Storage Property
Inland Private Capital Corporation and Devon Self Storage Holdings recently celebrated the completion of an 807-unit self-storage property located in Warren, Michigan. The newly converted 87,000-square-foot facility previously functioned as a 94,000-square-foot vacant manufacturing center.
Nearly 75 percent of the units provide climate-controlled conditions, with an interior drive-through lane and management office. The remaining land and parking area outside the facility will be converted to exterior non-climate controlled space expected to open in 2023.
This marks the eighth self-storage development completed on behalf of IPC at a location only 13 miles north of Detroit. To date, IPC operates a self-storage portfolio of 178 properties across 30 states with an average occupancy rate of about 84 percent. “The self-storage sector continues to deliver and remains a high conviction strategy for our investment platform,” said Keith Lampi, president and CEO of IPC.
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.