Alterra IOS Buys 15-Acre Truck Yard in IE for $51 Million

Alterra IOS has bought a 15-acre truck storage yard in the Inland Empire in a sale-leaseback deal for $51 million.

The industrial investment arm of Philadelphia-based Alterra Property Group purchased the industrial outdoor storage yard at 5600 Market Street, in Jurupa Valley, the Commercial Observer reported.

The seller was Michigan-based Wheeler Trucking, which signed a long-term leaseback agreement for undisclosed terms.

The deal, which includes a new 25,900-square-foot maintenance building, works out to $3.4 million per acre. The deal was brokered by Chase MacLeod & Company.

The site is large for outdoor storage yards, which generally run between 3 and 5 acres, according to Alterra.

“This acquisition sets a new standard for single-site IOS transactions, particularly in Southern California where sites of this acreage have become sparse,” Matt McNutt, vice president of acquisitions at Alterra, said in a statement.

The acquisition brings the firm’s portfolio in Southern California to 11 properties.

Last month, Alterra bought 51 industrial outdoor storage properties in 14 states from Peakstone Realty Trust for $490 million.

In the past seven years, Alterra has raised $1.45 billion in equity to fund its acquisitions, while its IOS Venture Fund III closed this year with $925 million in commitments, above its $750 million target, according to the Observer.

Alterra Property Group was founded in 2005 by Leo Addimando and Jeff Pustizzi to develop apartments. Its industrial storage arm, founded in 2016, owns more than 280 industrial outdoor storage yards in 35 states, according to its website.

— Dana Bartholomew