189 Dominic Lane in Paulsboro — Courtesy: Alterra IOS
By Joshua Burd
Alterra IOS has acquired two industrial outdoor storage properties in Gloucester County, adding roughly seven acres to its growing portfolio in the asset class.
The platform, which has invested in more than 300 sites nationwide, said the parcels include 4.9 usable acres at 223 Paulsboro Road in Swedesboro at a location that is partially leased to a tenant since 1997. The site is home to two facilities totaling 24,600 square feet, while providing connectivity to the New Jersey Turnpike and Interstate 295.
The second acquisition, 189 Dominic Lane in Paulsboro, has 2.1 usable acres with 4,320 square feet of accompanying warehouse space, according to a news release. The site offers easy access to interstates 295 and 676, providing a direct route to Philadelphia, and is fully leased to the tenant.
Scott Mertz of NAI Mertz brokered the Swedesboro transaction, while Adam Deeves of Action Commercial Group was responsible for bringing the second deal to Alterra. The buyer noted that both sites, which are leased to a national equipment rental services company, are within 20 miles of Philadelphia International Airport and 30 miles of the Port of Philadelphia.
Alterra IOS now owns 15 properties in New Jersey.
“South Jersey’s strategic location offers a gateway to Philadelphia and other major cities along the I-95 corridor, making it an appealing market for IOS investment,” said Mark Gannon, senior vice president of acquisitions at Alterra IOS. “These acquisitions offer national tenants an opportunity for East Coast expansion and provide access to the Mid-Atlantic’s extensive infrastructure and logistics network.”
