The Inland Real Estate Group has plans to purchase a majority interest in the business of Devon Self Storage Holdings, one of the largest privately owned national self-storage operators.
Currently, Devon manages 202 properties and approximately 109,000 units nationally. Founded in 1988 by chairman and CEO Ken Nitzberg, Devon has owned, managed or developed over its history more than 350 self-storage facilities in 27 states and three European countries.
“Acquiring a vertically integrated self-storage platform aligns perfectly with Inland’s long-term strategic plans,” commented Tony Chereso, CFO of the Inland Real Estate Group. “Ken and his team have built a powerful brand and platform that will not only integrate well within Inland but also provide tremendous growth opportunities across our many investment and commercial real estate operating companies.”
Since entering the self-storage sector in 2016, Inland has amassed a $1.7 billion self-storage po
