Alterra IOS Expands Columbus Footprint With 14-Acre Purchase
Alterra IOS has purchased 2222 New World Drive, a 14-acre, infill industrial outdoor storage asset in Columbus, Ohio. Transport Properties sold the asset, CommercialEdge data shows. JLL brokered the sale.
The property includes a 50,238-square-foot warehouse with 18-foot clear heights, eight drive-in doors and 3,400 square feet of office space. The facility includes a gated entrance with a 3,900-square-foot intake facility and is adjacent to 34 acres of land available for expansion.
Located within 10 miles of the John Glenn and Rickenbacker International Airports, the IOS property is rail-served by CSX, making it the largest paved rail site in Columbus. Several major thoroughfares are within 5 miles, including interstates 270, 70 and 71, as well as U.S. routes 33 and 23.
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Two months ago, Alterra purchased another IOS asset in Columbus. Star Leasing sold 4080 Business Park Drive for $6.1 million, CommercialEdge data reveals. Constructed in 1996, the property served as Star Leasing’s headquarters. With this latest purchase, Alterra now owns six such assets in metro Columbus.
A full-service trailer leasing provider signed a long-term agreement to occupy the property at 4080 Business Park Drive. The 8-acre industrial outdoor storage site comprises 20,120 square feet of warehouse space while being located near the conflux of I-270 and I-70.
Last month the company expanded its Southeast portfolio. Alterra acquired three IOS assets in metro Atlanta, boosting its footprint in the region to 23 properties. Alterra paid $22.4 million for the 28.3-acre portfolio.
Investors bullish on IOS
GreenPoint Partners CEO Chris Green underlined some of the benefits of IOS in a recent article on Commercial Property Executive. These include low ongoing capital expenditures and tripe-net, multi-year, single-tenant leases. Green also mentioned that profitability is expected to increase thanks in part to growing demand and dwindling supply.
Seizing this opportunity, Triten Real Estate Partners and TPG Angelo Gordon upsized their 2020-launched joint venture to acquire north of $1 billion in IOS assets over the next five years. The venture bought more than $500 million worth of IOS properties with an average of 18 yearly purchases since 2020.
In another recent move to capitalize on this niche market, Catalyst Investment Partners closed its Catalyst IOS Fund II with $186.9 million—surpassing its goal of $150 million. The fund focuses on densely populated, infill industrial markets with high barriers to entry.
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