Alterra IOS Buys Oregon Outdoor Storage Properties
Alterra IOS has acquired three industrial outdoor storage sites totaling 23 usable acres in metro Portland, Ore. With this acquisition, the company’s regional footprint comprises six such assets, while its national portfolio features more than 280 sites spread across 30 states as of September.
The current sale included properties in Milwaukie, Ore., Portland and Hubbard, Ore.
The facility at 6433 SE Lake Road in Milwaukie is a 20,965-square-foot warehouse that includes a driver’s lounge on an 11-acre site. The property is fully occupied by a regional building materials suppliers and allows easy access to Oregon routes 224 and 99, while being 15 miles from Portland International Airport.
The second asset at 4000 NE Columbia Blvd. in Portland features a 9,189-square-foot warehouse and paved parking area on 4.4 usable acres. A large equipment rental company has occupied the property for the past two decades. The asset allows easy access throughout the Portland metro area via interstates 5 and 205.
The third property is at 17804 Shank Road NE in Hubbard and features a 31,000-square-foot industrial building on nearly 8 usable acres, leased to multiple tenants. The asset is close to Oregon State Routes 99E and 551N.
Capacity Commercial Group provided assistance on the first acquisition, while Collier’s Vice President Tom Knecht was in charge of the second deal and Macadam Forbes’ Broker Zach Reichle facilitated the third one.
Steady demand in the IOS sector
The traditionally niche IOS market is continuing to evolve, characterized by a continued growth in demand from institutional investors, according to a June report from American Realty Advisors. The rise of e-commerce sales, that accounted for 15.9 percent of all sales by the end of the first quarter of 2024, is one factor that fuels the demand for more IOS space.
Alterra IOS’s recent acquisitions include the purchase of a seven-property portfolio with assets in Dallas, Minneapolis, Indianapolis, Chicago, Nashville, Tenn., Cleveland and St. Louis metro areas. The portfolio comprises 23 acres and is fully leased.
In September, the company picked up four properties in the Greater Houston area, in a deal brokered by Lee & Associates and Partners Real Estate. The assets totaled 17 acres.
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