Alterra IOS Buys 3 Metro Atlanta Assets
Alterra IOS has acquired three industrial outdoor storage properties totaling 28 acres in the Atlanta metro area. The firm’s portfolio in the region now comprises 23 properties.
The assets include 0 Liberty Industrial Park in McDonough, Ga.; 2620 Campbell Blvd. in Ellenwood, Ga.; and 498 Tuggle Greer Drive in Buford, Ga. Alterra acquired them for a combined $22.4 million, public records show.
According to the company, each property as well situated within an industrial area and with good access to major highways.
The IOS trio, up close
The property at 0 Liberty Industrial Park is currently under construction, with delivery expected in the fourth quarter. On completion, there will be two Class A IOS facilities of 20,000 and 6,000 square feet on 12.5 usable acres, featuring three entrances for convenient entry by multiple users.
Park My Truck USA brokered the deal. In addition, Steven Bridges and Nat Weikert of OnPace Partners will spearhead leasing at the property.
The Class A facility at 2620 Campbell Blvd. has a 24,500-square-foot maintenance shop and office on 10.5 paved acres. This asset is zoned Heavy Industrial and is in the densely populated I-675 corridor. Christian Samartino of Piedmont Properties and Jordan Camp of Oakley Brokerage Partners arranged its acquisition.
The facility at 498 Tuggle Greer Drive is a 5.3-acre site with multi-directional access via interstates 985 and 85. The property is completely paved and includes about 39,000 square feet of warehouse and office space. Mendy Ruder of Lee & Associates represented Alterra in the purchase and will also market the site to prospective tenants.
Niche market, big moves
The IOS market is characterized by steady investor demand, “supported by long-term market dynamics, minimal cap-ex burdens, ease of construction, and stringent zoning requirements,” which create barriers to entry and constrain supply, according to a June report from Matthews Real Estate Investment Services.
The appeal to investors is boosted by annual rental escalators of 3 to 5 percent and near-universal triple-net lease structures, the report revealed.
Against that backdrop, Alterra has engaged in a flurry of acquisitions. In January, the company executed a sale-leaseback with TruGreen, the national lawn care company, involving 17 properties across 14 states and totaling 350,000 square feet of buildings and 44 acres.
Almost simultaneously—and in another sale-leaseback—Alterra worked with ConGlobal Industries, a leading operator of intermodal, finished vehicle and depot service terminals, to acquire four IOS properties totaling nearly 90 acres with more than 50,000 square feet of buildings. The properties are mostly in the Sun Belt.
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