An Inland Real Estate Acquisitions affiliate has purchased a recently built self-storage property in Joliet, Illinois, as the firm continues to target assets that match its long-term acquisition strategy. Inland Real Estate Acquisitions negotiated and closed the transaction for the 859-unit facility, which sits roughly 40 miles southwest of Chicago.
The property, formerly operating under the ExtraSpace Self Storage brand, is located at 2100 Essington Road in Joliet. The two-story facility offers 112,209 rentable square feet and was completed in 2023, positioning it as a relatively new addition to the local self-storage inventory. The asset will be rebranded and fully managed by Devon Self Storage, a member of The Inland Real Estate Group of Companies, Inc., following the change in ownership.
The main building is climate-controlled and contains 764 units, catering to users seeking stable temperature and humidity conditions for stored goods. In addition, the property includes 95 exterior drive-thru units, 13 of which are oversized, providing options for tenants with larger storage needs or who prefer direct vehicular access.
The acquisition was led by Mark Cosenza, senior vice president of Inland Real Estate Acquisitions. He was supported by Brett Smith, vice president and senior counsel in the Law Department of The Inland Real Estate Group, LLC, who assisted with legal aspects of the transaction on behalf of the Inland affiliate. Their work brought the deal from negotiation through closing for the Joliet facility.
Cosenza described the investment rationale as driven by a combination of property-level and market fundamentals. According to him, the facility offers the accessibility and visibility Inland seeks in its self-storage acquisitions. He also cited the property’s location and demographic trends in the surrounding area as reasons the asset aligned with Inland’s long-term strategy, indicating continued institutional interest in newer, well-situated self-storage product within the greater Chicago region.
