California + Bay Area + Industrial | June 23, 2023

Alterra Acquires East Bay Industrial Outdoor Storage Properties

(Updated with additional information)

Alterra Property Group has acquired a pair of East Bay industrial outdoor storage (IOS) properties for just shy of $20 million, reported the San Francisco Business Times.

The Philadelphia developer and investor purchased 1189 58th Ave. in Oakland and 100 Orchard Ave. in Hayward from Los Angeles-based Overton Moore Properties for $11.07 million and $8.68 million, respectively. The deal also included a third industrial property in Ventura County’s Simi Valley, reported the Business Times.

CBRE’s Rebecca Perlmutter, Barbara Perrier, Darla Longo, Joe Cesta, Michael Longo, Eric Cox, Ben Humphreys, Bob Ferraro and Michael Barry represented Overton Moore in the sales.

All three properties fit the mold of Alterra’s concentrated push into the IOS sector, which generally involves smaller deals of $15 million or less. Alterra’s industrial outdoor storage arm, AlterraIOS, is approaching $2.5 billion in assets under management and has made $850 million in acquisitions the past year alone.

That growth is fueled at least in part by a $300-million joint venture the developer struck with JPMorgan Chase & Co. in early 2020.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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