Industrial Outdoor Ventures Forges JV with Stockbridge
Schaumburg, IL-based Industrial Outdoor Ventures (IOV), reportedly the first national real estate investor focused exclusively on outdoor storage facilities, and its equity sponsor BLG Capital Advisors completed a recapitalization and go-forward joint venture with San Francisco-based Stockbridge. Financial terms weren’t disclosed.
IOV sold a significant interest in its 26 building, 93% leased national Industrial Service Facilities portfolio to Stockbridge. The properties are located in major markets throughout the U.S., including Atlanta, Chicago, Dallas, Denver, Phoenix and Southern California.
Stockbridge, BLG and IOV have committed to continue growing the portfolio, with plans to make $100 to $200 million in property acquisitions per year. IOV will manage the portfolio and future investments.
CIBC Bank as lead, along with a group of co-lenders, provided a new $145-million credit facility to the venture. CBRE National Partners, led by Mike Caprile, Zach Graham and Ryan Bain, arranged the recapitalization and JV.
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).