Alterra IOS and institutional investors advised by J.P. Morgan Asset Management have sold a 51-property industrial outdoor storage (IOS) portfolio to Peakstone Realty Trust in an off-market transaction valued at 0 million. The portfolio, which spans 14 states, includes 45 fully leased operating sites and six redevelopment sites. 

“We are pleased to announce our entry into the industrial outdoor storage sector,” said Michael Escalante, CEO of Peakstone. “This portfolio is highly complementary to our existing industrial business, and adds meaningful scale, breadth and growth opportunities in a sector with compelling operating fundamentals.”

At Alterra IOS, CEO Leo Addimando and CIO Matt Pfeiffer said, “Peakstone’s acquisition of this high-quality portfolio advances the institutionalization of the IOS asset class. We believe this transaction is a win-win, and that Peakstone is the right owner to build upon the success of these assets and drive further value.”

Pictured: A representative Alterra IOS property.