Inland Real Estate Investment Co. and Devon Self Storage Holdings have completed two Class A self storage properties, one in Baton Rouge, La., and the other in Holly Hill, Fla. The facilities opened in mid-January and feature a total of 2,099 units.
That same month, Inland Real Estate Group of Cos. purchased a majority interest in Devon Self Storage Holdings to expand its self storage portfolio. The companies have been working together since 2018.
The 90,760-square-foot property in Baton Rouge is at 415 N 15th St. The building rises four stories and comprises 1,103 climate-controlled units with sizes that range from 25 to 510 square feet. Amenities include drive-up unit capabilities and a 24-hour security system.
The facility is one of four available within a 3-mile radius, offering residents 4.62 rentable square feet per capita. As of December, there was only one self storage property under construction in the Baton Rouge market, set to add 118,536 rentable square feet to the area, according to Yardi Matrix.
A self storage redevelopment
The 95,726-rentable-square-foot Holly Hill facility was redeveloped into a self storage property after serving as a Florida Health Care Plans office since 1971. Located at 1340 Ridgewood Ave., the building features 996 climate-controlled units across a 6.3-acre site. Unit sizes range between 25 and 300 square feet, with amenities matching the Baton Rouge property’s.
There are 24 other storage facilities within a 3-mile radius, offering residents 15.06 rentable square feet per capita. The self storage market in North Central Florida had 13 properties under construction as of last month, set to add 988,852 square feet to the area, the same data provider shows.
