Yard Grabs: Some of The Biggest IOS Portfolio Sales of 2025 (So Far)

THOUGHT OF THE WEEK
Yard Grabs: Some of The Biggest IOS Portfolio Sales of 2025 (So Far)

We’ve rounded up the four of the largest U.S. IOS portfolio sales closed in 2025 so you can see who’s buying, who’s selling, and what it says about the sector’s trajectory.

🚛 Realterm Acquired 13-Property National IOS Portfolio from Brookfield | $277M

Realterm doubled down on outdoor functionality by purchasing a 13-property IOS portfolio for $277 million from Brookfield Asset Management.

• 📍 Markets: Inland Empire, Bay Area, Northern NJ, DFW, Chicago, Orlando, Seattle

• 🌎 Portfolio Size: 631,604 SF of improvements on 131 acres

• 🧱 Occupancy: 97% leased to 10 tenants

• 🤝 Broker: Eastdil Secured

The properties included truck terminals, trailer parking, and maintenance facilities — exactly the kind of assets Realterm loves. Stephen Panos and Ben Andreycak led the deal internally for Realterm, calling it a “rare opportunity” to scale in core IOS markets.

🧱 Catalyst Investment Partners Sold 18 IOS Sites to a State Pension Fund | $163.5M

In a quieter but strategic move, Catalyst sold an 18-property IOS portfolio for $163.5 million, teaming up with a large state pension fund.

• 📍 Markets: 7 high-barrier East Coast markets (not disclosed)

• 🏗️ Use Case: Leased to tenants across e-commerce, logistics, building materials, and infrastructure

• 💼 Structure: Portfolio recapitalization with a long-term institutional partner

Catalyst aggregated the portfolio over the past four years through its first two funds. With this recap, they locked in liquidity and a long-term capital partner. Eastdil Secured advised on this transaction.

🏗️ Starwood Capital Group Bought 38-Property Industrial and Low-Coverage Portfolio from Dalfen + Goldman Sachs | $685M

Starwood Capital kicked off Q1 with one of the biggest industrial and low-coverage plays we’ve seen this year: a $685 million acquisition of a 38-property logistics portfolio from Goldman Sachs Alternatives and Dalfen Industrial.

• 📍 Markets: Dallas, Atlanta, Nashville, Austin, Central Florida

• 🏢 Portfolio Size: 5 million SF across infill logistics and IOS sites

• 💼 Seller: JV between Goldman Sachs and Dalfen Industrial

• 🤝 Broker: Eastdil Secured

• 🔎 Details: 89% leased with tenants including Amazon, Kroger, and Wilson Sporting Goods. Dalfen will continue operating the portfolio.

This was a big bet on infill logistics — but the inclusion of IOS-heavy properties with truck parking, laydown yards, and low-coverage sites shows how intertwined these two niches have become.

🌆 Miramar Capital Acquired 11-Site, 117-Acre IOS Portfolio in Houston | Price Undisclosed

In a regional yet strategic play, Miramar Capital acquired an 11-property IOS portfolio in northeast Houston, totaling 117 acres, and 100% leased across a mix of tenant types from Triten Real Estate Partners.

• 📍 Market: Houston, TX

• 🧱 Size: 117 acres across 11 IOS properties

• 🔎 Occupancy: 100% leased

• 🧰 Tenants: Logistics, transportation, construction materials, equipment rental

• 🤝 Broker: CBRE National Partners

This was a buy in a constrained market. With assets that have freeway access and proximity to the port, the portfolio provides scale and in-place income.

🧩 The Takeaway: Institutions and Large Groups Keep Loading Up

What do these deals have in common? Three things caught our attention:

1. Infill appears to be king. Every portfolio was centered around core MSAs — think Houston, Inland Empire, New Jersey, Dallas, Atlanta.

2. Stabilized cash flow. Most properties were either fully leased or closed to it, showing investor preference for income-generating assets.

3. Bigger fish, bigger nets. The buyers here aren’t simply syndicators — we’re talking Realterm, Starwood, pensions. IOS has hit the institutional radar hard.

We’re only five months in — and 2025 already feels like a breakout year for scaled IOS portfolios. Stay tuned…and we will make sure to keep you updated

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