Inland Real Estate Acquisitions, LLC (“Inland Acquisitions”) announced today that it negotiated and closed the purchase of an 859-unit, Class A self-storage facility in Joliet, Illinois, located 40 miles southwest of Chicago. Mark Cosenza, senior vice president of Inland Acquisitions, with assistance from Brett Smith, VP and senior counsel of The Inland Real Estate Group, LLC, Law Department, completed the transaction on behalf of an Inland affiliate.
Previously an ExtraSpace Self Storage property, the facility will be rebranded and fully managed by Devon Self Storage (“Devon”), a member of The Inland Real Estate Group of Companies, Inc.
Located at 2100 Essington Road, the two-story, 112,209-rentable-square-foot facility was constructed in 2023. The main climate-controlled building is comprised of 764 units and 95 exterior drive-thru units, of which 13 are oversized for RV/boat/large vehicle storage. The property also features wide access driveways, elevator access, contactless in-store and online rentals and 24-hour video surveillance with controlled access.
“This facility offers the combination of accessibility, visibility, and market fundamentals that we look for in self-storage acquisitions,” said Mr. Cosenza. “Located near Interstate 55 and Route 30, it provides a convenient and reliable storage option for both residents and businesses across the Joliet area. The property’s ideal location and the area’s strong demographic trends made it an attractive opportunity that aligns with our long-term acquisition strategy.”
The property is supported by strong local demographics, including a population of 76,000 within three miles and 212,000 within five miles, with average household incomes of $95,000 and $98,000 respectively. The facility is situated along Essington Road, a heavily traveled corridor surrounded by established retail, commercial and community destinations including Louis Joliet Mall, Basinger’s Pharmacy, Inwood Golf Course and John Leach Park.
“We are pleased to expand our footprint in the Joliet area with a facility that is exceptionally well-positioned to serve local storage demand,” said Matthew Tice, co-CEO and president of Devon. “We look forward to delivering a high-quality storage solution to meet the evolving needs of customers and the community for years to come.”
Since inception, Inland Acquisitions has facilitated more than $56 billion of purchases across all asset types, with a more recent focus on self-storage, senior living, student housing, multifamily and manufactured housing communities.
Devon currently manages more than 200 facilities across the country.
About Inland Real Estate Acquisitions, LLC
Inland Real Estate Acquisitions, LLC assists in identifying potential acquisition opportunities, negotiates acquisition-related contracts and acquires real estate assets for the various entities that are a part of The Inland Real Estate Group of Companies, Inc., one of the nation’s largest commercial real estate and finance groups, which is comprised of independent legal entities, some of which may be affiliates, share some common ownership or have been sponsored and managed by such entities or subsidiaries thereof (collectively, “Inland”). For additional information, please refer to Inland’s website at www.inlandgroup.com.
About Devon Self Storage
Devon Self Storage is one of the largest privately owned self storage developers and operators in the United States, managing more than 200 properties totaling over 11 million square feet across 32 states. Founded in 1988, Devon became part of The Inland Real Estate Group of Companies, Inc. in 2024 and is widely recognized for its operational excellence and disciplined strategic growth. Both Inland and Devon are headquartered in Oak Brook, IL.
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.
