Criterion Spends $45M to Acquire Industrial Outdoor Storage Properties in Eight States

Criterion Group, a Queens-based investor and developer with 20 years of experience building across multiple asset types, has acquired eight industrial outdoor storage (IOS) properties totaling 151 acres for an aggregate purchase price of $45.3 million.  

With these acquisitions, Criterion Group’s extensive IOS portfolio expands to 13 states and for the first time includes investments in Virginia and North Carolina. 

The company’s latest IOS acquisitions include: 

• A 57-acre site at 3340 W. Norfolk Rd., Portsmouth, VA. 

• A 23-acre site at 1593 Jessie St. and a 9.5-acre site at 139 Eastport Rd., both in Jacksonville, FL. 

• A 16-acre site at 8300 Moores Chapel Rd. in Charlotte and a 10.38-acre site at 1891 Jenkins Dairy Rd. in Gastonia, NC. 

• A 15-acre site at 101 Brookside Ln. in East Hartford, CT. 

• A 10.38-acre site at 4600 & 4700 Hwy. 73 in Port Arthur, TX. 

• A 10.11-acre site at 1286 Milledge St. in East Point, GA. 

“Adding more than 150 acres of IOS properties in six prime markets across the U.S. within roughly 90 days is indicative of the firm’s momentum and our ability to rapidly identify and execute on strategic investment opportunities within the industrial space,” said Shibber Khan, principal of Criterion Group.

Criterion Group recently formed a joint venture with Columbia Pacific Advisors for the purpose of expanding its IOS portfolio throughout the U.S. by deploying an additional $2 billion in capital by the end of 2023. 

Pictured: a Criterion-owned IOS facility in New Haven, CT.