Peakstone Realty Trust has acquired a 51-property industrial outdoor storage (IOS) portfolio from Alterra IOS and institutional investors advised by J.P. Morgan Asset Management in an off-market transaction worth $490 million. The portfolio, which is spread across 14 states, consists of 45 fully leased operating sites and six redevelopment sites.
According to Peakstone CEO Michael Escalante, this acquisition marks the company’s entry into the industrial outdoor storage sector and complements their existing industrial business while providing significant growth opportunities due to strong operating fundamentals.
Alterra IOS CEO Leo Addimando and CIO Matt Pfeiffer expressed their satisfaction with the sale, stating that it advances the institutionalization of the IOS asset class. They also believe that Peakstone is well-equipped to continue building upon these high-quality assets’ success and drive further value for all parties involved.
The featured property in this transaction represents a typical example of Alterra IOS properties.
