Realterm has acquired a multistate industrial outdoor storage portfolio spanning 631,604 square feet across 13 properties. — Courtesy: Realterm
By Joshua Burd
Global investment manager Realterm has acquired a sprawling, multistate portfolio of industrial outdoor storage properties that includes assets in northern New Jersey.
The firm, which reportedly paid $277 million in the deal with Brookfield, said last week that the collection of 13 properties totals 631,604 square feet across 131 acres in seven major U.S. markets. With a combined 10 tenants and occupancy of 97 percent, the portfolio consists primarily of industrial outdoor storage truck terminals and maintenance facilities in supply-constrained markets.
Those regions also include Dallas, Chicago, the Inland Empire, the Bay Area, Seattle and Orlando. Realterm declined to provide the individual addresses or sizes of the properties.
“The portfolio consists of functional and well-located assets that provide utility to supply chain and logistics users,” said Stephen Panos, managing director and senior fund manager for Realterm. “The acquisition furthers our investment strategy of owning and operating transportation-advantaged assets in key freight markets throughout the United States.”
Nick Murphy and Brian Budnick of Eastdil Secured represented the seller.
“The portfolio is a rare opportunity to acquire, at scale, a collection of transportation-advantaged IOS truck terminal assets in key markets,” said Ben Andreycak, vice president for investments at Realterm. “As a leader in the IOS sector for more than three decades, Realterm recognizes the mission critical nature of the assets in the portfolio for logistics users.”
