Alterra IOS and J.P. Morgan Asset Management announce sale of 51-property industrial outdoor storage portfolio

Alterra IOS, a prominent player in the industrial outdoor storage (IOS) sector that has acquired over 280 sites nationwide, today announced the sale of a 51-property portfolio to Peakstone Realty Trust in an off-market transaction valued at $490 million. The portfolio, which spans 14 states, was purchased from a joint venture between Alterra IOS and institutional investors advised by J.P. Morgan Asset Management. It includes 45 operating sites and six redevelopment sites. The operating sites are 100% leased to a diverse range of leading national and regional tenants.

“This significant portfolio sale to a publicly traded REIT underscores the success of Alterra’s investment strategy, which we have refined for nearly a decade, and further advances the institutionalization of the IOS asset class,” said Leo Addimando, CEO and Managing Partner and Matt Pfeiffer, CIO and Managing Partner at Alterra. “We believe this is just the beginning as more institutional investors seek scale in the highly fragmented IOS sector, and we look forward to continuing to pursue growth opportunities as market fundamentals remain strong.”

“This portfolio transaction represents an important milestone in the execution of one of our highest conviction strategies,” said Preston Meyer, Managing Director and Portfolio Manager at J.P. Morgan Asset Management.

Alterra IOS has raised $1.45 billion in equity from institutional investors in the past seven years. In May 2024, Alterra IOS closed Alterra IOS Venture III, LP (“Venture III”) with $925MM in total commitments, exceeding the original fundraising goal of $750MM and surpassing the hard cap of $850MM. The raise was the firm’s latest milestone for its IOS investment strategy launched in 2016.