Alterra IOS Acquires 15-Acre Truck Storage Yard in Inland Empire for $51 Million
Industrial Real Estate Deal
Alterra IOS, the industrial investment arm of Philadelphia-based Alterra Property Group, has acquired a 15-acre truck storage yard in Jurupa Valley, California, for $51 million. The property, located at 5600 Market Street, was purchased in a sale-leaseback deal with Michigan-based Wheeler Trucking, which will continue to operate on the site under a long-term lease.
Deal Terms
The transaction includes a new 25,900-square-foot maintenance building and works out to $3.4 million per acre. The deal was brokered by Chase MacLeod & Company. This acquisition sets a new standard for single-site industrial outdoor storage (IOS) transactions, particularly in Southern California where sites of this acreage have become scarce.
Alterra’s Growing Presence in Southern California
The acquisition brings Alterra’s portfolio in Southern California to 11 properties. Last month, the firm purchased 51 industrial outdoor storage properties in 14 states from Peakstone Realty Trust for $490 million. In the past seven years, Alterra has raised $1.45 billion in equity to fund its acquisitions, while its IOS Venture Fund III closed this year with $925 million in commitments, above its $750 million target.
About Alterra Property Group
Alterra Property Group was founded in 2005 by Leo Addimando and Jeff Pustizzi to develop apartments. Its industrial storage arm, founded in 2016, owns more than 280 industrial outdoor storage yards in 35 states. The company’s focus on industrial outdoor storage has made it a leading player in the industry.
Conclusion
The acquisition of the 15-acre truck storage yard in Jurupa Valley marks a significant milestone for Alterra IOS, further solidifying its presence in the Inland Empire and Southern California. The deal demonstrates the firm’s ability to identify and acquire high-quality industrial properties, particularly in areas where demand is high.
FAQs
- What is the value of the 15-acre truck storage yard?
- The property was purchased for $51 million.
- Who was the seller of the property?
- Michigan-based Wheeler Trucking was the seller.
- What is the size of the new maintenance building?
- The building is 25,900 square feet.
- What is the typical size of outdoor storage yards?
- Generally, outdoor storage yards range between 3 and 5 acres.
- What is Alterra’s portfolio size in Southern California?
- The firm owns 11 properties in Southern California.
