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New Joint Venture Formed to Acquire Industrial Outdoor Storage

New Joint Venture Formed to Acquire Industrial Outdoor Storage

Criterion Group and Columbia Pacific Advisors today announced a joint venture for the purpose of acquiring and stabilizing an industrial outdoor storage, IOS, portfolio throughout the US.

 The joint venture is the formalization of an already successful partnership between the two groups. Columbia Pacific Advisors Bridge Lending, a platform within the Seattle based organization, has been instrumental in the rapid growth and early success of the rapidly expanding portfolio.

 Criterion Group is a Queens, New York based investor and developer with 25 years of experience in development, building across multiple product types including multifamily, self-storage, industrial and film studios.

 The partnership, driven by Criterion Group’s “boots on the ground” style of business, has acquired more than 41 IOS properties totaling 22 million square feet in 11 states for $360 million. The national portfolio of properties brings to market over 520 acres of land that will be utilized as industrial outdoor storage, which includes equipment yards, fleet storage, and logistics support services. With an additional 42 properties in the pipeline, the JV plans to double its portfolio in the coming year.

 “Not many people realize that we have already been working together for quite some time,” said Shibber Khan, principal at Criterion. “Our IOS strategy started in early 2019, driving up and down the East Coast visiting sites, building broker networks, and getting deeper understanding of the asset class. The groundwork has been the key to our success.”

 Said Will Nelson, Director of Real Estate Lending at Columbia Pacific Advisors: “Criterion was a first-mover in the IOS space and provided us the opportunity to invest early on in the life cycle. We are fortunate to have partnered with them over the past five years and look forward to what the future holds for the relationship.


Inside The Story

Columbia Pacific Advisors Bridge LendingCriterion Group

About Ted Jackson

A highly successful financial journalist, corporate financial writer and magazine entrepreneur with strong expertise in writing on fixed income and pass-through securities (ABS), finance and banking, the economy, economic developments, financial markets, investing and personal finance, the business of behavioral healthcare and more.

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