California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Alterra IOS Completes Sale-Leaseback in Folsom
Alterra IOS, a Philadelphia-based industrial real estate owner, has acquired a 7.03-acre property at 1130 Sibley St. in Folsom for an undisclosed sum. As part of the acquisition, Alterra IOS secured a 10-year leaseback agreement with Syblon Reid, a construction services company that performs heavy civil, mechanical construction, environmental remediation and wastewater treatment.
Having owned the site since 2004, Syblon Reid has a long history at this location. It acts as the company’s current headquarters and is mission critical to daily operations, according to Alterra IOS.
“This was a unique opportunity for us to gain a foothold within the Sacramento market, which is
a market that we feel very good about,” said Matt McNutt, VP at Alterra IOS. “We not
only acquired a very leasable IOS asset, but also secured a long-term lease with a very strong
tenant who has a decades long business legacy within the market. We are very excited about
this acquisition.”
Photo courtesy of Syblon Reid.
Connect Industrial Midwest 2024 will take place on March 5, 2024, at Joe’s Live in Rosemont, Illinois. Click here for more information and to register.
- ◦Sale/Acquisition
