A joint venture between Philadelphia-based Alterra IOS and JPMorgan Chase has sold a 51-property industrial outdoor storage portfolio to Peakstone Realty Trust for $490 million. Alterra CEO Leo Addimando noted that selling to an institutional investor was ‘the last unproven part’ of their business strategy after a decade in industrial outdoor storage.

The 440-acre portfolio spans 14 states, including eight sites in the Philadelphia region, and includes 45 fully leased operating properties and six redevelopment sites. Industrial outdoor storage properties are typically located near major transit hubs, allowing tenants to store heavy equipment. Alterra partnered with JPMorgan in 2020, investing $300 million to acquire these sites.

*Article courtesy of Philadelphia Business Journal

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