The Roll Up: Devon opens new facility in former Kmart

Bruce Goldberg
Published January 12, 2023

Inland Private Capital Corp., a real estate investment manager, and Devon Self Storage Holdings, a privately held national storage operator and developer, opened a 91,787-square-foot self-storage facility in Allentown, PA (below). It’s the third delivery on behalf of Self-Storage Qualified Opportunity Fund LLC, an IPC-sponsored Qualified Opportunity Fund, and overall, it’s one of 10 self-storage redevelopment projects being developed on behalf of the fund. The facility has 91,787 square feet and is located at a former Kmart site. Phase II, scheduled to be finished by April, will add 34,500 square feet of rentable space and result in a total of 769 drive-in and drive-up units. Source: Inland Private Capital

Perimeter Storage is coming to Valdosta, GA. It will have 700+ units with rental space for light industrial and commercial businesses at 5225 and 5273 Inner Perimeter Road, about 2,000 feet south of the intersection with U.S. Highway 84 East. Matt Martin, city planning and zoning administrator, told the city council that it was spurred by the location of property in the Inner Perimeter Road Corridor Overlay, which has mostly commercial and residential zoning. The interior area won’t be visible from the roadway, which will conceal other metal buildings on the property. Source: Valdosta Daily Times

A U-Haul store is coming to the old Ann & Hope building in Warwick, RI. Half of the building was sold in 2021. The second half was acquired recently for more than $6.7 million. U-Haul plans to build a 24,000-square-foot storage building site with moving truck and equipment rentals plus a service area (below). Ann & Hope, which closed in 2020, started in 1953 and was named after a ship that sank long ago off Block Island. Source: NBC 10

Springfield Holdings LLC has applied for variances that would allow building a self-storage facility at 109 Victory Road in Springfield, NJ, near the Millburn border and I-78. The applicant would like to put up a five-story, 176,000-square-foot building, and has asked for a D1 variance to permit self-storage. It would have 15 parking spaces and four loading spaces. Source: TAPIntoMilburn/ShortHills 

In Pennsylvania, the East Hempfield Township supervisors approved by a 3-1 vote the development of a vehicle storage facility and an apartment building on a 17-acre lot along Columbia Avenue. Belmont Property Management is the applicant. The site would include indoor and outdoor storage units plus an eight-unit apartment building. The plan includes 36 indoor storage units, mainly for RVs, boats and trailers. Also, an existing parking lot on the property would be modified for outdoor vehicle storage. Source: LNP/LancasterOnline

Menard Inc., a home-improvement retailer, seeks local approval to put up an outdoor storage business next to the dilapidated former Northridge Mall. Mayor Cavalier Johnson’s Department of City Development supports the request, after turning down a similar request in 2022. That plan called for about 250 units. Menard wants to operate a self-storage business on the parking lot of a former Pick ’n Save supermarket at 8120 W. Brown Deer Road. Menard, which runs the neighboring store, bought the former supermarket in 2017 and converted it into an indoor self-storage center. The company wants to add about 200 outdoor units to the 3-acre parking lot. Source: Milwaukee Journal Sentinel 

In Georgia, the Flowery Branch City Council approved two self-storage developments: One of 147,200 square feet off Gaines Ferry and McEver roads spread out among several buildings on 7 acres, and the other off Bell Drive and across from the Four Seasons on Lanier subdivision. Source: yahoo!news (https://news.yahoo.com/latest-2-proposed-self-storage-194700608.html)

Completed

Maya Capital Partners LLC has finished redeveloping a three-story, 1,113-unit, 98,814-square-foot facility at 320 Wilson Ave. in Norwalk, CT. The climate-controlled facility is at 320 Wilson Ave. in the South Norwalk neighborhood and operates as Public Storage. Maya financed the project with a $15 million loan from MidCap Financial. Source: Multi-Housing News

Ocean Storage opened its eighth facility in Suffolk, VA and it’s located on Nansemond Parkway in Hampton Roads. It’s aimed at residents of Suffolk, Chesapeake, Portsmouth and Norfolk. Its units are temperature-controlled. Storage Asset Management will run the facility, which is temperature-controlled. Source: Ocean Storage

Owner Liberty Investment Properties opened StoreEase at 2175 AL – Highway 150 in Hoover, AL. is the owner. It has 569 units and over 90,000 square feet. All units are located on the first floor. Source: StoreEase

McCann Mini Storage, 1222 Cravens Lane in Carpinteria, CA will add 185 new units in April. Source: Carpinteria Coastal View News 

Under construction

Baltimore, MD’s Provemi Sheikh Group LLC and PV Asset Management are building a self-storage building on 2.83 acres at the former Aldi store on Woodbourne Road in Middletown Township’s Levittown section, in Pennsylvania. Work has commenced on a 125,232-square-foot facility in the 300 block of Woodbourne Road. Source: LewittownNow.com

Bruce Goldberg

Bruce Goldberg is a freelance writer and editor based in Denver. He worked in newspapers and magazines as both a business writer/editor and sportswriter/editor for 35 years.

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