Top IOS Deals Q1 2025 Recap

IOS YARDDOGS TOP DEALS
Q1 2025

REFINANCING: Zenith has closed a $120M refinance for two regional industrial outdoor storage portfolios covering 30 locations across the US. They partnered with Washington Capital and Justin Horowitz of Cooper Horowitz, LLC on this transaction.

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.

PORTFOLIO SALE: Catalyst Investment Partners has successfully sold and recapitalized two IOS portfolios, comprising 18 properties across seven high-barrier-to-entry East Coast markets, for a total of $163.5 million. These properties, acquired over the past four years, are leased to tenants in industries such as equipment rental, e-commerce, logistics, home services, building materials, and infrastructure. In March 2024, Catalyst closed its second IOS fund oversubscribed with $187 million in discretionary capital commitments.

REFINANCING: Blackstone Inc.’s mortgage real estate investment trust is lending $189 million for IOS owned by a division of Alterra Property Group. The loan from Blackstone Mortgage Trust Inc. is financing the recent purchase of 49 properties concentrated in US markets such as Atlanta, Chicago and Tampa, Florida, Alterra said.

ACQUISITION: Realterm acquired a 13-property IOS truck terminal portfolio totaling 631,604 square feet across 135 acres in seven major U.S. markets for $277M. The portfolio, which is 97 percent leased to 11 tenants, consists primarily of IOS truck terminals and IOS maintenance facilities. The acquired properties are located in primary logistics markets such as Northern New Jersey, Dallas, Chicago, the Inland Empire, the Bay Area, Seattle, and Orlando.

ACQUISITION: Turcotte Real Estate Services has successfully closed the sale of a six-property industrial outdoor storage portfolio near Interstate 10 East & SE Loop 410 in San Antonio, TX. The fully leased portfolio includes tenants such as Lone Star Truck and Equipment, RUAN Transport, OTR Fleet Services, Milestone Trailer Leasing, Chevron USA, and Penske Logistics. Led by Bill Holder, the transaction was marketed on behalf of a private client seller.

ACQUISITION: Open Industrial announced the portfolio acquisition of four IOS properties totaling 7.7 acres with over 64,000 SF of industrial improvements located across North Carolina and Virginia. The Properties located in Richmond, Rocky Mount and Winchester are fully leased to Gregory Poole Equipment Company CAT. The Property located in Chesapeake is fully leased by Aggreko. Michael Hutton, Chad Pitts, Blake Potolicchio and Matt Potolicchio led the The Open Industrial team. The seller was represented by Bo McKown, Eric Robison, and Gregg Beck of Cushman & Wakefield | Thalhimer.

DISPOSITION: CBRE’s Investment Properties arranged the $12.75 million one-year sale-leaseback of a three-property industrial portfolio in Indianapolis, to a private high-net-worth investor for $258 PSF. The properties are located at 1220, 1254, and 1310 South West Street and have immediate access to some of the biggest Midwest distribution routes off I-70, I-465, and I-65. CBRE Investment Properties' Midwest leaders Kevin Foley, Austin Wolitarsky, Anthony DeLorenzo and Bryan Johnson, along with JD Graves and Sarah Greer represented the seller, Sodrel Truck Lines Inc., in the transaction.

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