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Jurupa Valley Sale-Lease Expands Company’s Southern California Property Portfolio
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Alterra IOS, a 15-acre truck garage farm in the Inland Empire in a $51 million sales and leaseback deal.
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.
Michigan-based dealer Wheeler Trucking, which signed a long-term lease agreement for undisclosed terms.
The deal, which includes a new 25,900-square-foot maintenance building, is worth $3. 4 million per acre. The deal was negotiated through Chase MacLeod.
The site is large for outdoor storage yards, which generally run between 3 and 5 acres, according to Alterra.
“This acquisition establishes new popularity for single-site IOS transactions, specifically in Southern California, where sites of this length are rare,” Matt McNutt, vice president of acquisitions at Alterra, said in a statement.
This acquisition brings the company’s Southern California portfolio to real estate.
Last month, Alterra bought 51 industrial outdoor storage properties in 14 states from Peakstone Realty Trust for $490 million.
Over the past seven years, Alterra has raised $1. 45 billion in equity capital to fund its acquisitions, while its IOS Venture Fund III closed this year with $925 million in commitments, above its target of $750 million, according to the Observer.
Alterra Property Group was founded in 2005 through Leo Addimando and Jeff Pustizzi to expand the apartments. Its commercial garage division, founded in 2016, has more than 280 outdoor commercial garage parks in 35 states, according to its website.
— Dana Bartholomew