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.
