Peakstone Seals $490M Industrial IOS Portfolio from Alterra, JPMorgan JV; transaction marks the company’s first foray into the industrial outdoor storage sector

11/5/2024

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CPE

• Subcategory: Industrial: Storage

• Tag: Sale

• Additional Filters-Subcategory: Industrial: Outdoor Storage (IOS)

• Additional Filters-Tags: Sale: Investment, Sale: Portfolio

• Company: Alterra Property Group, JPMorgan Chase & Co (NYSE: JPM)

Peakstone Realty Trust has acquired a 51-asset industrial outdoor storage portfolio across 14 states in an off-market transaction valued at $490 million. Alterra IOS and institutional investors advised by J.P. Morgan Asset Management sold the portfolio.

The REIT funded the purchase through a mix of proceeds from its credit facility and cash on hand. BofA Securities served as Peakstone’s financial advisor while O’Melveny & Myers LLP, Latham & Watkins LLP and DLA Piper provided legal counsel.