Alterra IOS acquires 16 industrial outdoor storage locations in sale-leaseback transaction with nation’s largest lawn care provider 

Alterra IOS, a prominent player in the industrial outdoor storage (IOS) sector that has acquired over 300 sites nationwide, today announced the acquisition of 16 IOS locations totaling 34.8 usable acres from TruGreen, the country’s largest lawn care service provider. TruGreen serves nearly 2.3 million residential and commercial customers across more than 275 branches nationwide.

The 16 properties, acquired through a 25-year triple-net (NNN) sale-leaseback acquisition, are 100% occupied and include a collective 326,400 square feet of warehousing, maintenance shop and office space. This transaction is the second national portfolio Alterra has acquired from TruGreen. In December 2023, the firm acquired 17 sites from the lawn care company, totaling 44 usable acres and 350,000 square feet of warehouse space across 14 states.

“Closing on another portfolio of this size reinforces Alterra’s position as a premier owner and trusted industry partner within the IOS market," said Chris White, Vice President of Acquisitions at Alterra. “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.”

The locations within the portfolio are as follows:

• Atlanta MSA: 15 North Drive SE, Acworth, Ga
• Boston MSA: 21 Forge Parkway, Franklin, Mass.
• Columbus MSA: 4045 Lakeview Crossing, Groveport, Ohio.
• Dayton MSA: 800 Center Drive, Vandalia, Ohio.
• Denver MSA: 12445 Dumont Way, Littleton, Colo.
• Detroit MSA: 6272 Taylor Drive, Flint, Mich., and 48932 Wixom Tech Drive, Wixom, Mich.
• Grand Rapids MSA: 9077 Portage Industrial Drive, Portage, Mich.
• Greensboro MSA: 4220 Beechwood Drive, Greensboro, N.C.
• Lancaster MSA: 201 Bucky Drive, Lititz, Pa.
• Kansas City MSA: 8420 Cole Parkway, Lenexa, Kan.
• Lexington MSA: 2269 Danforth Drive, Lexington, Ky.
• Long Island MSA: 5 Todd Court in Yaphank, N.Y.
• Minneapolis MSA: 4240 Centerville Road, Vadnais Heights, Minn.
• Tulsa MSA: 2200 N Willow Drive, Broken Arrow, Okla.
• Washington D.C. MSA: 18910 Woodfield Road, Gaithersburg, Md.

This investment comes on the heels of several landmark transactions for Alterra in 2024, including the sale of an institutional-grade portfolio of 51 assets to Peakstone Realty Trust in November for $490 million. In 2024, Alterra acquired a total of 102 IOS locations across the U.S.

Alterra is one of the nation’s largest owners of industrial outdoor storage space, having acquired more than 300 properties in 36 states across the U.S. As a vertically integrated investor, developer, and operator of IOS, Alterra is uniquely positioned to serve companies in search of national connectivity to store equipment, machinery, vehicle fleets, shipping containers, building materials, retail inventory, and more.

John Fink of CBRE facilitated the sale on behalf of TruGreen.