Inland Real Estate Acquisitions closed on an 859-unit, 112,209-square-foot Class A self-storage facility at 2100 Essington Road in Joliet, Illinois, on September 10, 2026, per Blue Vault. Devon Self Storage will rebrand and operate the former Extra Space asset, adding a 2023-vintage suburban Chicago box to a platform that has facilitated more than $56 billion in acquisitions since inception.
The deal is a textbook institutional value-add: buy a young, purpose-built facility in a supply-constrained Chicagoland corridor, then run it through an affiliated operator with 200-plus sites and centralized revenue management.
What Did Inland Buy in Joliet?
The Joliet facility is not a legacy conversion or partial climate retrofit. It is a two-story, 2023-built Class A prototype with a product mix that serves both residential overflow and commercial tenants along a heavy retail corridor.
| Attribute | Detail |
|---|---|
| Address | 2100 Essington Road, Joliet, IL |
| Units | 859 |
| Net rentable SF | 112,209 |
| Vintage | Built 2023 |
| Climate-controlled | 764 units |
| Drive-thru exterior | 95 units (13 oversized RV/boat) |
| Amenities | Elevator, wide driveways, contactless rentals, 24-hour video surveillance |
The property sits 40 miles southwest of Chicago along Interstate 55 and Route 30, near Louis Joliet Mall, Basinger's Pharmacy, Inwood Golf Course, and John Leach Park. Mark Cosenza, senior vice president of Inland Acquisitions, framed the location as a combination of accessibility, visibility, and demographic support.
This facility offers the combination of accessibility, visibility, and market fundamentals that we look for in self-storage acquisitions. Located near Interstate 55 and Route 30, it provides a convenient and reliable storage option for both residents and businesses across the Joliet area.
- Mark Cosenza, Senior Vice President, Inland Real Estate Acquisitions
For operators comparing Joliet to Yardi Matrix's August 2026 national picture, the Midwest continues to show tighter supply pipelines than Sun Belt oversupply markets. A 2023 vintage asset in a corridor with 212,000 people within five miles trades differently than a 2019 Phoenix box competing with six new deliveries.
Why Is Devon Self Storage Taking Over Operations?
Devon Self Storage joined The Inland Real Estate Group of Companies in 2024. The Oak Brook, Illinois-based operator manages more than 200 properties totaling over 11 million square feet across 32 states.
Matthew Tice, Devon's co-CEO and president, said the Joliet acquisition expands the firm's footprint in a market where local demand supports long-duration occupancy.
We are pleased to expand our footprint in the Joliet area with a facility that is exceptionally well-positioned to serve local storage demand. We look forward to delivering a high-quality storage solution to meet the evolving needs of customers and the community for years to come.
- Matthew Tice, Co-CEO and President, Devon Self Storage
The Extra Space rebrand matters operationally. Public REITs periodically shed non-core suburban assets to fund platform M&A. Public Storage's $1.2 billion Canada close on September 1, 2026 is the headline example. Joliet is the opposite end of the spectrum: a private Inland affiliate buying a single Class A suburban asset where Devon's operating stack can capture NOI without competing against REIT balance-sheet pricing on day one.
How Does the Joliet Trade Fit September 2026 Deal Flow?
September 2026 opened with billion-dollar platform M&A and mid-market private trades running in parallel.
Andover Properties announced an 800-unit Leominster, Massachusetts, acquisition on September 10. Marcus & Millichap brokered an 861-unit Wisconsin portfolio sale the prior week. Basis Industrial secured a $20.5 million construction loan for a 707-unit Surprise, Arizona, ground-up project on September 9.
Inland's Joliet buy sits between those bookends: too large for a mom-and-pop one-off, too small for an earnings-call headline. It confirms that affiliated-operator platforms still compete for young suburban assets while REITs prioritize cross-border platforms and share repurchases.
Cosenza completed the transaction with assistance from Brett Smith, VP and senior counsel in Inland's law department. That in-house legal bench is part of why institutional buyers can close complex trades without the timeline drag that slows smaller sponsors.
What Should Operators and Investors Take From the Joliet Closing?
Young Class A assets still trade. A 2023 Extra Space exit is not distress. It is portfolio pruning that creates buying opportunities for platforms with operating affiliates.
Affiliated operators compress transition risk. Devon taking day-one management eliminates the 90-day rebranding gap that erodes occupancy when a passive buyer hires a third-party manager.
Chicago suburbs reward visibility. Essington Road corridor traffic and I-55 access are underwriting inputs that pure drive-up rural boxes cannot replicate. Mixed climate and drive-thru product captures both household and small-business demand.
Private capital competes below the REIT headlines. While Public Storage integrates 68 Canadian facilities, Inland and Devon keep stacking Chicagoland density one well-located Class A asset at a time.
The Numbers Worth Writing Down
- Announcement date: September 10, 2026
- Address: 2100 Essington Road, Joliet, Illinois
- Units: 859
- Net rentable SF: 112,209
- Vintage: 2023
- Prior brand: Extra Space Self Storage
- New operator: Devon Self Storage
- Population (3 mi / 5 mi): 76,000 / 212,000
- Avg. household income (3 mi / 5 mi): $95,000 / $98,000
- Inland lifetime acquisitions: $56 billion+
- Devon portfolio: 200+ facilities, 11M+ SF, 32 states
Affiliated Operators Win the Middle Market
REITs spent September 2026 closing billion-dollar platforms. Inland spent it buying an 859-unit Joliet box where Devon can run revenue management on day one.
That is the 2026 acquisition map in one trade: institutional scale at the top, private platforms with operating affiliates in the middle, and mom-and-pop exits still clearing when the buyer brings a real operating stack. Joliet is Inland's latest proof the middle market is not waiting for rates to fall.
Sources
- Inland Acquires Class A Self-Storage Facility in Joliet, Illinois, Blue Vault, September 10, 2026
- Andover Properties Leominster Massachusetts Acquisition, Your CAIO
- Public Storage Canada Acquisition Closes, Your CAIO
- Basis Industrial Surprise Arizona Development Loan, Your CAIO
- Yardi Matrix August 2026 Improving Occupancy, Your CAIO