Alterra IOS has expanded its industrial outdoor storage holdings in the Dallas-Fort Worth market to 10 assets with the acquisition of four properties totaling nearly 35 usable acres. The sellers and prices were not disclosed.
Company officials describe the state’s largest market as ideal for industrial outdoor storage investment because of its outsized population and economic growth that attracts major national tenants. The region also has an extensive infrastructure and thriving logistics network. Each of the newly acquired properties are located within 20 miles of downtown Dallas, providing access to the metro’s network of state and interstate highways, international airports and freight transportation.
Alterra, a prominent player in the growing IOS sector that has acquired more than 300 sites nationwide, focuses on prime locations with access to essential infrastructure as well as properties that are situated in dense, infill industrial clusters surrounded by other IOS users.
Leo Addimando, managing partner & CEO of Alterra IOS, said the firm was incredibly active in 2024, acquiring 102 IOS properties. One of its biggest milestones last year was closing on a 51-property portfolio sale to Peakstone Realty Trust in an off-market transaction valued at $490 million. The assets are located in 14 states and span 440 usable acres. The portfolio was fully leased upon closing. Two of the properties are in the Dallas-Fort Worth market and four are in Houston. Other assets are located in the Philadelphia, Atlanta and Nashville, Tenn., markets.
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Addimando said the portfolio sale underscored the success of the Alterra IOS investment model and institutional investment in a previously a fragmented, relatively unknown asset class.
“We’re excited about the trajectory of IOS, in tandem with our firm’s continued ability to build relationships with IOS owners, industry-leading tenants and brokers throughout the country,” Addimando told Commercial Property Executive. “We look forward to continued growth in 2025 and are excited about the future of the sector as it continues to de-fragment and institutionalize.”
Newly acquired DFW assets
The largest of the newly acquired IOS properties is 14.8 usable acres at 7050 Jack Newell Blvd. S. in Fort Worth, which includes 14,000 square feet of warehouse space. The property also features recently completed site work such as new fences, office renovations and a new roof. It is located 1 mile from I-30, I-820 and Highway 121 S. Bo Puckett and Caleb McCoy of JLL facilitated the transaction.
8738 Forney Road in Dallas has 10.1 usable acres and 14,100 square feet of warehouse space. The fully paved-rail served site is 8 miles from downtown Dallas and provides easy access to I-30 and I-635. The property is fully leased to a national distributor of specialty business materials. Ricardo Camarena of Marcus & Millichap assisted in the acquisition.
2260 Market St. in Garland, Texas, has 7.4 usable acres and includes 87,780 square feet of warehouse space. The fully paved site also features a full concrete yard. Located 12 miles northeast of Dallas, the property has immediate proximity to I-635. It is fully leased to a leader in exterior and interior building product supplies. Alexander Harrold of Matthews Realty facilitated the transaction.
A leading national lawn care company leases 2420 113th St. in Grand Prairie, Texas, which has 2.5 usable acres and 13,276 square feet of warehouse space. The fully improved site has easy access to I-30 and Routes 360, 161 and 183. Robert Morris of Rubicon Representation handled the acquisition.
Alterra’s recent deals
In December, Alterra acquired three IOS sites totaling 23 usable acres in the Portland, Ore., market expanding the firm’s regional footprint to six assets. The sale included properties in Portland, Milwaukie, Ore., and Hubbard, Ore. The largest of the assets is fully leased by a regional building materials supplier and features a 20,965-square-foot warehouse on 11 acres.
A month earlier, Alterra purchased a seven-property portfolio with assets in Dallas, Minneapolis, Indianapolis, Chicago, Cleveland, St. Louis and Nashville metro areas. The fully leased portfolio has a total of 23 usable acres.
Alterra also acquired four properties totaling 17 acres in the Greater Houston area in September.