PHILADELPHIA, PA — Alterra IOS announced that its management entity has received a passive minority investment from Almanac, the private real estate arm of Neuberger, the company said.
Financial terms of the investment were not disclosed.
Alterra IOS owns and manages industrial outdoor storage properties across the United States.
The company said it has acquired more than 450 properties nationwide and focuses on sites located near logistics hubs, transportation gateways and infrastructure corridors.
Industrial outdoor storage properties are used for vehicle storage, equipment storage and other heavy industrial operations.
Alterra said its strategy focuses on acquiring and operating sites with large outdoor yard space in dense logistics markets.
The investment reflects growing institutional interest in the industrial outdoor storage sector, which has seen increased demand tied to logistics, transportation and infrastructure uses, according to the company.
Leo Addimando, managing partner and chief executive officer of Alterra, said the partnership is expected to support the company’s expansion.
“Almanac’s successful track record of investing in and growing premier real estate managers, along with its permanent capital and strategic partnerships, will support Alterra’s continued expansion,” Addimando said.
Matthew Pfeiffer, managing partner and chief investment officer at Alterra, said the company views the sector as resilient during economic downturns.
“IOS continues to outperform and has proven to be very resilient in downturns,” Pfeiffer said.
Josh Overbay, managing director at Almanac, said the firm views Alterra as a leading company in the industrial outdoor storage sector.
“Our investment in Alterra reflects our conviction in the long-term fundamentals of IOS,” Overbay said.
Berkshire Global Advisors served as an advisor to Alterra in the transaction.
Alterra IOS said it has developed or acquired properties across 38 states over the past decade.
Almanac provides growth capital to private and public real estate companies and has committed more than $8.9 billion to 59 real estate companies across North America, according to the firm.
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