Alterra, JPMorgan Trade $490M IOS Portfolio to Peakstone

Alterra IOS and institutional investors advised by J.P. Morgan Asset Management have sold a 51-property industrial outdoor storage (IOS) portfolio to Peakstone Realty Trust in an off-market transaction valued at $490 million. The portfolio, which spans 14 states, includes 45 fully leased operating sites and six redevelopment sites.

“We are pleased to announce our entry into the industrial outdoor storage sector,” said Michael Escalante, CEO of Peakstone. “This portfolio is highly complementary to our existing industrial business, and adds meaningful scale, breadth and growth opportunities in a sector with compelling operating fundamentals.”

At Alterra IOS, CEO Leo Addimando and CIO Matt Pfeiffer said, “Peakstone’s acquisition of this high-quality portfolio advances the institutionalization of the IOS asset class. We believe this transaction is a win-win, and that Peakstone is the right owner to build upon the success of these assets and drive further value.”

Pictured: A representative Alterra IOS property.

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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 16-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 7-10 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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