By Joshua Burd
An industrial outdoor storage property in Morris County has changed hands as part of a 10-state portfolio acquisition by Alterra IOS, an affiliate of the Philadelphia-based real estate firm.
According to a news release, the undisclosed site in Wharton includes 4.4 usable acres with 16,620 square feet of warehouse space. That makes it one of the two largest sites in the firm’s newly purchased, 11-property portfolio, which spans 31.6 usable acres and includes more than 206,000 square feet of warehouse space.
All properties are fully stabilized and wholly leased to a national equipment rental company.
“This portfolio is representative of our core thesis — acquiring well-positioned industrial outdoor storage assets with grade level warehouses and supportive IOS zoning,” said Mark Gannon, senior vice president of acquisitions with Alterra IOS. “These properties can serve a wide range of IOS tenants across multiple industrial sectors, and as such, we expect sustained demand for these specific properties over the long term.”
The firm, which has acquired more than 400 sites nationwide, noted that the portfolio consists of strategically located assets near critical logistics and transportation corridors in markets including Chicago, Houston, the San Francisco-Bay Area and northern New Jersey. The only other Northeast location in the portfolio is on Long Island, in Bayshore, which has 0.5 usable acres with 6,600 square feet of warehouse space.
