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Barings and Brennan Investment Group are forming a joint venture to play a little offense in the Industrial Outdoor Storage (IOS) sector.

While the two have set an initial $150 million acquisition target, they admitted it could potentially surpass that amount. Both will focus on national markets that have strong dynamics, which include construction, infrastructure, e-commerce and population growth. Additionally, they won't shy away from places with favorable supply and demand fundamentals for IOS.

Already, the JV has announced its first purchase — a two-building property in Denver, Colorado, sitting on 4.75 acres. The acquisition price was not listed.