The transaction involved an industrial outdoor storage portfolio consisting of 51 assets across 14 states. The portfolio spans a total of 440 acres and is fully leased, featuring tenants such as FedEx and Amazon. The sale was conducted for a price of $490 million, reflecting the increasing demand for this type of asset class in the market. The transaction facilitates Peakstone Realty Trust’s expansion of its industrial base rent contribution from 30% to 40%, and includes six properties earmarked for redevelopment.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $490,000,000
• Buyer: Peakstone Realty Trust
• Seller: Leo Addimando - Alterra IOS; J.P. Morgan Asset Management
• Market: Philadelphia, Atlanta & Houston, Nashville & Dallas-Fort Worth
• Notable Tenants: FedEx, Amazon

Representing the buyer, Peakstone Realty Trust, was Leo Addimando of Alterra IOS and J.P. Morgan Asset Management, who were the sellers in this deal. This acquisition marks Peakstone's entry into the high-demand industrial outdoor storage sector, aligning with their growth strategy in the industrial real estate market.