Alterra IOS, a company based in Philadelphia, recently completed the sale of a 51-property portfolio to Peakstone Realty Trust. The transaction was valued at $490 million and was conducted off-market.
The portfolio spans across 14 states and was previously owned by a joint venture between Alterra IOS and institutional investors advised by J.P. Morgan Asset Management. It consists of 45 operating sites as well as six redevelopment sites, all of which are fully leased to various national and regional tenants.
According to Leo Addimando (CEO & Managing Partner) and Matt Pfeiffer (CIO & Managing Partner) at Alterra, this sale is proof of their successful investment strategy that has been refined over the past decade. They also believe that it further solidifies the institutionalization of their asset class known as IOS. In total, Alterra has raised $1.45 billion in equity from institutional investors within the last seven years.
This news was originally reported on Connect CRE’s website.
