Inland Real Estate Acquisitions Purchases 859-Unit Class A Self-Storage Facility in Joliet, Illinois

Inland Real Estate Acquisitions, LLC has negotiated and closed the purchase of an 859-unit, Class A self-storage facility in Joliet, Illinois, located approximately 40 miles southwest of Chicago, the firm announced Sept. 10. Devon Self Storage, a member of The Inland Real Estate Group of Companies, will rebrand and fully manage the property going forward.

Mark Cosenza, senior vice president of Inland Real Estate Acquisitions, led the transaction with assistance from Brett Smith, VP and senior counsel of The Inland Real Estate Group, LLC, Law Department. The acquisition was completed on behalf of an Inland affiliate.

Property Details and Physical Specs

The facility is situated at 2100 Essington Road, Joliet, IL 60435, and was previously operated as an Extra Space Storage property. The two-story building, constructed in 2023, encompasses 112,209 rentable square feet and offers a mix of 764 climate-controlled interior units and 95 exterior drive-thru units. Of the exterior units, 13 are oversized to accommodate RVs, boats, and large vehicles.

The property features wide access driveways, elevator access, contactless in-store and online rentals, and 24-hour video surveillance with controlled access.

Location and Market Fundamentals

The Essington Road corridor is positioned near Interstate 55 and Route 30, providing strong regional accessibility for both residential and commercial customers. The surrounding area includes Louis Joliet Mall, Basinger's Pharmacy, Inwood Golf Course, and John Leach Park, anchoring the site within an established retail and community spine.

Local demographics support the acquisition thesis. The facility draws from a population of approximately 76,000 residents within three miles and 212,000 within five miles, with average household incomes of $95,000 and $98,000 at those respective radii. Competing institutional-quality facilities in the trade area include additional Extra Space Storage and Public Storage locations.

"This facility offers the combination of accessibility, visibility, and market fundamentals that we look for in self-storage acquisitions," said Mark 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."

Devon Self Storage to Manage and Rebrand

Devon Self Storage, which became part of The Inland Real Estate Group of Companies in 2024, will assume full operational control of the Joliet property. Devon currently manages more than 200 facilities totaling over 11 million square feet across 32 states, making it one of the largest privately owned self-storage operators in the United States. The company was founded in 1988 and is headquartered in Oak Brook, Illinois, alongside Inland.

"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."

Inland's Broader Acquisition Strategy

Since its inception, Inland Real Estate Acquisitions has facilitated more than $56 billion of purchases across all asset types. In recent years, the firm has concentrated its activity on self-storage, senior living, student housing, multifamily, and manufactured housing communities. The Joliet acquisition reflects that continued focus on self-storage as a core investment category, with the Devon platform providing in-house operational infrastructure to support management of newly acquired assets.

Chicago-area suburban self-storage trades for new Class A product have generally occurred in the mid-5% to low-6% cap rate range, depending on lease-up status and operating history. Financial terms for this specific transaction were not made public.

Sources

Inland Real Estate Group of Companies – Press Release