Alterra IOS Expands Footprint with Acquisition of 17 Industrial Properties Across the US

Alterra IOS, a prominent player in the industrial outdoor storage sector, has recently completed a remarkable sale-leaseback deal with TruGreen, the largest lawn care company in the nation. This agreement involved the acquisition of 17 properties spanning a staggering 350,000 square feet of buildings, nestled within 44 acres across 15 key markets in the United States. While the exact financial terms of this transaction remain undisclosed, it is noteworthy that TruGreen has committed to a long-term leaseback arrangement for all 17 properties, spread across 14 states.

It is important to highlight that each of these properties holds immense significance for TruGreen, serving as a vital site for carrying out its mission-critical operations. Moreover, these properties collectively generate a steadfast cash flow, further solidifying the appeal of this deal for Alterra IOS. With its founding year tracing back to 1973, TruGreen has cultivated a strong customer base of over 2.3 million and boasts an extensive workforce of 5,000 employees, operating in 276 locations nationwide.

The portfolio of TruGreen properties was effectively marketed by the proficient CBRE Capital Markets team based in Chicago, demonstrating their expertise and ability to execute such significant transactions.

A New Era for Alterra Property Group: Expanding Industrial Outdoor Storage Portfolio

Alterra Property Group, a Philadelphia-based real estate investment and development company, is forging ahead with its strategic vision by acquiring a remarkable portfolio of well-positioned industrial outdoor storage (IOS) assets in top metropolitan areas. Led by Chris White, Vice President of Industrial Acquisitions, and Charlie Totten, Senior Vice President of Acquisitions, Alterra Property Group's IOS arm, Alterra IOS, has swiftly established itself in the industrial subsector since its inception in 2016. With over 200 IOS assets managed across more than 30 states, the company shows no signs of slowing down.

In a recent groundbreaking deal, Alterra IOS joined forces with ConGlobal Industries, the leading operator of intermodal, finished vehicle, and depot service terminals in North America, to acquire four prominent IOS properties. These properties span approximately 90 acres and comprise more than 50,000 square feet of buildings located in Louisiana, Texas, Florida, and Illinois. Charlie Totten expressed his optimism about the increasing sale-leaseback activity within the industrial and outdoor storage asset classes, predicting that this trend will continue throughout the year.

Expanding Their Portfolio: Alterra IOS Completes Another Lucrative Sale-Leaseback Deal

Alterra IOS Manager has been on an acquisition spree, sealing yet another profitable sale-leaseback deal to enhance its real estate portfolio. In December 2022, the company, representing its discretionary private real estate client, successfully acquired a diverse 14-property portfolio across eight different states for a staggering sum of over $86 million. Collaborating with Heniff Transportation Systems, a renowned national bulk transportation provider, Alterra IOS Manager added considerable value to their holdings.

The newly acquired portfolio provides a wide geographic reach, expanding across 15 Metropolitan Statistical Areas (MSAs) including prominent cities such as Tampa, Chicago, Charlotte, Austin, and San Antonio. With a diverse range of locations, Alterra IOS is further solidifying its presence in the real estate market, leveraging lucrative opportunities for growth and success.