PHILADELPHIA, PA — Alterra IOS has closed a $150 million loan facility from funds managed by Blue Owl Capital Inc. (NYSE: OWL), marking Blue Owl’s first financing in the growing industrial outdoor storage (IOS) sector. The deal, finalized last week, was initially collateralized by 21 properties across 12 states.
The financing will support acquisitions for Alterra IOS Venture III, a $925 million closed-end fund focused on expanding the company’s national footprint. The facility is secured by 106 usable acres in key infill markets including Atlanta, Charleston, Dallas-Fort Worth, Houston, and Phoenix.
“As institutional recognition of the industrial outdoor storage sector accelerates, transactions like this highlight the confidence lenders have in the long-term performance of the asset class,” said Scott Whittle, Alterra’s Chief Financial Officer and Chief Compliance Officer. He described the partnership with Blue Owl as “thoughtful and collaborative,” aligning with Alterra’s nationwide growth strategy.
Jesse Hom, Chief Investment Officer for Blue Owl’s Real Assets platform, cited the partnership as part of the firm’s push into resilient, high-growth markets. “We see strong, sustained demand for IOS assets and believe Alterra is well positioned to lead in this evolving space,” Hom said.
Alterra was represented by Newmark’s Nick Scribani and Jordan Roeschlaub, who called the deal a “creative financing solution” designed to fuel the company’s rapid acquisition pipeline.
The latest transaction extends a strong year for Alterra’s financing activity. Earlier in 2025, the company closed a $343 million loan led by Truist Financial Corp. and Bank of Montreal, followed by a $189 million loan from Blackstone Mortgage Trust. To date, Alterra has raised more than $1.5 billion in institutional financing and $1.45 billion in equity across its IOS ventures.
With more than 400 properties acquired in 37 states, Alterra has emerged as a dominant institutional player in an asset class traditionally overlooked by larger investors. Its vertically integrated model combines investment, development, and operations to serve companies needing strategically located outdoor storage for fleets, machinery, building materials, and logistics support near major transportation corridors.
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