/

|

|

A Philadelphia firm that has become one of the largest players in the high-demand industrial outdoor storage sector has closed on its latest investment. Alterra Property Group paid $3.25 million in an off-market deal to acquire an IOS site in Charlotte, North Carolina. The roughly 5-acre site at 309 Morningside Road is improved with a 9,200-square-foot building and is home to the former owner, the Loving Group landscaping company.

Such properties, typically including expansive surface parking and a small structure on the site, have been in high demand in recent years because of a relative lack of new supply. A few big real estate investors specializing in the sector, such as Alterra, have been building up their national portfolios.