Inland & Devon Deliver New Class-A Self Storage Property in Massachusetts
March 12, 2025Oak Brook, IL – Inland Real Estate Investment Corporation (“Inland Investments”), an industry leading real estate investment manager, and Devon Self Storage (“Devon”), one of the largest privately owned national self-storage developers, owners and managers and a member of The Inland Real Estate Group of Companies, Inc., announced together they have completed construction of a 59,837-square-foot Class-A self-storage facility located in Springfield, Massachusetts.
Conveniently located at 2155 East Columbus Avenue near a major downtown thoroughfare and the I-91 overpass along the Connecticut River, the property previously served as a historical factory building. The redeveloped facility is comprised of three interconnected buildings encompassing 601 climate-controlled self-storage units, drive-thru unit capability and a 24-hour security system.
“We are thrilled to revitalize this historic Downtown Springfield building by converting it into a new state-of-the-art self-storage facility to serve the needs of the rapidly growing community’s businesses and residents,” said Greg Mackay, chief operating officer of Devon.
This is the 15th IPC-Devon project delivered on behalf of investors in private offerings comprised of self-storage assets in diverse markets throughout the nation.
“We identified Springfield as a prime location for a new self-storage property due to its rapid population increase over the past 10 years,” said Keith Lampi, CEO and president of Inland Investments. “Considered a top underserved market for self-storage in 2024, we are pleased to help close the market’s supply and demand gap and continue our collaboration with Devon to bring top-tier self-storage properties to markets nationwide.”
Inland Investments’ current self-storage portfolio spans more than $1.7 billion in assets under management. Devon currently manages 188 properties with a footprint in 32 states across the country.
About Inland Private Capital Corporation
Inland Private Capital Corporation (IPC), headquartered in Oak Brook, IL, is a member company of The Inland Real Estate Group of Companies, Inc., an industry-leading alternative investment management firm, with an investment focus spanning across a broad range of asset types. As of June 30, 2024, the firm had sponsored 317 private placement real estate offerings, with investments and developments in the multifamily, self-storage, hospitality, healthcare, student housing, retail, corporate office, senior living, and industrial sectors. Many of IPC’s offerings have been designed for investors seeking replacement property to complete an IRS Section 1031 exchange. IPC is recognized as a leading provider of securitized 1031 exchange opportunities, with assets under management (AUM) of more than $12.3 billion, which includes a diverse national footprint of properties, spanning 43 states across various sectors. Past performance is not indicative of future performance.
For more information on Inland Private Capital Corporation, please visit www.inland-investments.com/inland-private-capital.
About Devon Self Storage
Devon Self Storage Holdings, LLC, one of the largest privately owned national self-storage developers and operators, manages over 191 properties. Founded in 1988 by Ken Nitzberg, and now a member of The Inland Real Estate Group of Companies, Inc., Devon has established itself as a leader in the self-storage industry having owned, managed, or developed more than 350 self-storage facilities in 32 states and three European countries. Inland and Devon are headquartered in Oak Brook, Illinois.
For more information on Devon Self Storage, please visit www.devonselfstorage.com.
For more information on The Inland Real Estate Group of Companies, Inc., please visit www.inlandgroup.com.