Alterra IOS has made multiple new acquisitions to add to its industrial outdoor storage (IOS) collection. Its latest purchase through a sale-leaseback deal includes a total of 16 properties scattered across 15 different metropolitan statistical areas.
The assets are located in Atlanta, Boston, Columbus, Dayton, Denver, Detroit, Grand Rapids, Greensboro, Lancaster, Kansas City, Lexington, Long Island, Minneapolis, Tulsa, and Washington D.C. Of the 15 MSAs, all of them have at least one property. Only Detroit carries two properties.
The 326,400 square feet portfolio, taking up 34.8 acres, contains office space, maintenance shops, and warehousing. The sites are fully occupied.
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Alterra acquired the properties from TruGreen, which has 2.3 million commercial and residential customers, through a 25-year triple-net sale-leaseback. A dollar amount for the deal was not revealed.
The move by Alterra continues the property manager's activity in the IOS space. Across 36 states, the Philadelphia-based firm has acquired more than 300 sites in the sector. In 2024 alone, it said it purchased a total of 102 IOS properties. In addition, the company off-loaded a 51-asset portfolio to Peakstone Realty Trust in November for $490 million.
Also, this isn't the first time Alterra has done business with TruGreen. In 2023, Alterra bought 350,000 square feet of warehouse space, accounting for 17 sites in 14 states from the lawn care firm.
“Closing on another portfolio of this size reinforces Alterra’s position as a premier owner and trusted industry partner within the IOS market," Chris White, vice president of acquisitions at Alterra, said in a statement.
“This portfolio is essential to TruGreen’s ability to serve its customers and perfectly aligns with Alterra’s investment philosophy. It enables seamless connectivity nationwide through well-positioned sites that support crucial transportation and logistics hubs. We’re excited to acquire and support another portfolio of properties that allows the tenant to deliver service seamlessly across the country.”
In the IOS market, new opportunities have been emerging thanks to the robust demand in the sector. With increased allocations from pension funds and other institutions expected to continue early investment companies are now looking to sell out of their positions, a recent Colliers report found. Specifically, rents in most IOS markets have doubled in the last half-decade.
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