Thursday Trades: Industrial Outdoor Storage Deals - February 27, 2025

CLOSED TRANSACTIONS
Acquisitions & Dispositions

ACQUISITION: Alterra IOS acquired an additional 16 properties via a 25-year NNN sale-leaseback acquisition from TruGreen for $43 million. John Fink of CBRE facilitated the sale on behalf of TruGreen. All properties are 100% occupied and include a collective of 326,400 SF on approximately 35 usable acres. This is the second national portfolio Alterra has acquired from TruGreen. The first transaction featured 17 sites from the lawn care company, featured 44 usable acres across 14 states, and closed in December 2023. The locations within the most recent portfolio acquisition are as follows:

• Atlanta MSA: 15 North Drive SE, Acworth, Ga

• Boston MSA: 21 Forge Parkway, Franklin, Mass.

• Columbus MSA: 4045 Lakeview Crossing, Groveport, Ohio.

• Dayton MSA: 800 Center Drive, Vandalia, Ohio.

• Denver MSA: 12445 Dumont Way, Littleton, Colo.

• Detroit MSA: 6272 Taylor Drive, Flint, Mich., and 48932 Wixom Tech Drive, Wixom, Mich.

• Grand Rapids MSA: 9077 Portage Industrial Drive, Portage, Mich.

• Greensboro MSA: 4220 Beechwood Drive, Greensboro, N.C.

• Lancaster MSA: 201 Bucky Drive, Lititz, Pa.

• Kansas City MSA: 8420 Cole Parkway, Lenexa, Kan.

• Lexington MSA: 2269 Danforth Drive, Lexington, Ky.

• Long Island MSA: 5 Todd Court in Yaphank, N.Y.

• Minneapolis MSA: 4240 Centerville Road, Vadnais Heights, Minn.

• Tulsa MSA: 2200 N Willow Drive, Broken Arrow, Okla.

• Washington D.C. MSA: 18910 Woodfield Road, Gaithersburg, Md.

ACQUISITION: Panther Capital Group facilitated the IOS transaction at 321 Hennis Rd in Wintergarden, FL in the Orlando MSA. Guillermo Nicolas and Tallie Washington represented the buyer and the seller. The site features 7.06 AC with a combined 79,460 SF of improvements on the site. This asset was under contract for 12 months before successfully trading for $5 million.

ACQUISITION: 6125 Speaker Rd is a 5.35 AC site featuring a 17,397 SF cross-dock terminal and maintenance facility. TruCore Investments received multiple offers for this property in less than two weeks and ultimately Henry Weiler and Andrew Fischer of FWI helped facilitate the sale of this asset to an owner user.

ACQUISITION: InLight Real Estate Partners acquired 2370 Sullivan Road, a manufacturing and distribution facility located in the highly sought-after airport submarket in College Park, GA. The IOS facility, situated on 7.21 acres, includes 167,760 square feet of industrial warehouse space. The project is a joint venture with institutional investors advised by J.P. Morgan Asset Management.

LEASED
Recently Leased Properties

LEASED: The Cushman & Wakefield team including Rico T. Murtha, Gurpreet S., Gus Weaver, Joseph Hentze Jr., Amanda Gerhardt facilitated the lease up of Realterm's 4825 Baldwin Street in the Bronx! This asset included 12,000 SF of building on 2.38 AC and the Realterm team consisted of Katie Legue, Ben Andreycak, Nick Dupuis, and Marc Pavlovec. 

LEASED: Beacon Roofing Supply has leased 2037 Geld St, Caddo Mills, TX along with 2 acres of outdoor storage. Chris Hargrave and Cody Rollins of the M&D Real Estate team represented the tenant through the entire process from site acquisition to lease execution at this IOS site.

ON THE MARKET
For Lease

FOR LEASE: Want to be neighbors with Beacon Roofing? Chris Hargrave and Cody Rollins have a spec IOS facility for lease available for sale or lease that is delivering in Q2. The site features 16,250 SF on 2 AC just off the I-30 Service Rd, with no zoning, outside storage permitted and 45 minutes to downtown Dallas.

NEW DEVELOPMENT
Case Study

CASE STUDY: In 2019, Transport Properties took on a complex challenge with 2951 Mound Road in Joliet, IL—a site that others walked away from. Through market tracking, strong brokerage relationships, and strategic decision-making, they secured tenants before our money went hard, ensuring a successful close. It reinforced key lessons: new construction is tough to make pencil, resource-heavy projects require careful evaluation, and knowing when to outsource is critical. Read the full post here.

RECS
Worth a Look

• Recs: Port Activity Rebounds - Amid diversified supply chains and trade policy volatility, Savills expects shippers’ short-term strategies to continue

  

  The 2024 annual TEU volume & year-over-year change at top North American ports. Chart courtesy of Savills Research & Data Services, Local Port Authorities and U.S. Census Bureau