Alterra Property Group recently acquired a pair of East Bay industrial outdoor storage (IOS) properties for just shy of $20 million, according to the San Francisco Business Times. The Philadelphia developer and investor purchased 1189 58th Ave. in Oakland and 100 Orchard Ave. in Hayward from Los Angeles-based Overton Moore Properties for $11.07 million and $8.68 million, respectively; a third industrial property located in Ventura County’s Simi Valley was also included in the deal as reported by the Business Times .
The acquisitions fit Alterra’s concentrated focus on IOS sector deals that are generally valued at or below $15 million each; their industrial outdoor storage arm, AlterraIOS is now approaching an impressive portfolio worth approximately $2.5 billion with over 850 millions dollars’ worth of acquisitions made within this past year alone – growth which has been partially fueled by a joint venture between Alterra and JPMorgan Chase & Co., established earlier this year with an investment totaling 300 Million Dollars..
