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Bay Street Capital and Drake Real Estate Partners have formed a joint venture with plans to close on $100 million of industrial outdoor storage properties.

Bay Street, Drake Create JV with $100M Budget for Industrial Outdoor Storage

Miami, FL-based Bay Street Capital has formed a joint venture with Drake Real Estate Partners and plans to close on $100 million of industrial outdoor storage properties. The JV is a formalization of a partnership that has already worked together to acquire two IOS properties in the Nashville, TN area.

The JV will focus on acquiring industrial assets in urban infill locations in major US markets.

“We believe IOS is experiencing similar trends to traditional industrial real estate while offering a more attractive return profile,” said Jeremy Stenberg, Bay Street Capital’s principal. “Furthermore, IOS offers resiliency for investors in an economy facing headwinds.”

IOS properties serve as vehicle parking and storage for containers, trailers, construction materials, construction equipment, etc. According to Bay Street Capital, the asset type is seeing soaring demand while supply continues to diminish as industrial-entitled land is often developed as warehouse space and municipalities are wary of approving development of new IOS sites.

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Bay Street Capital's Stenberg

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Financing