Alterra IOS, a player in the industrial outdoor storage (IOS) sector that has acquired over 300 sites nationwide announced the closing of $189 million in financing from Blackstone Mortgage Trust. This funding was secured for assets acquired in Alterra’s latest venture. Alterra has now secured over $1 billion in lender financing for the fund, which closed in May 2024 at $925 million in total commitments, and it exceeded the original fundraising goal of $750 million and reached its hard cap.
This funding from Blackstone Mortgage Trust backs 49 IOS sites across 22 states, totaling approximately 235 usable acres.
This financing follows several significant deals for the Alterra team in 2024, including selling an institutional-grade portfolio of 51 IOS assets to Peakstone Realty Trust in November for $490 million. Alterra is one of the nation’s largest owners of IOS, having acquired over 300 properties in 36 states across the U.S.
As a vertically integrated investor, developer, and operator of IOS, Alterra is uniquely positioned to serve companies seeking national connectivity to store equipment, machinery, vehicle fleets, shipping containers, building materials, retail inventory, and more.
Justin Horowitz of Cooper Horowitz worked with Alterra IOS Venture III to market and source the financing.
KEY QUOTES:
“We are thrilled to close our first financing with the Blackstone team and to add another leading institution to a growing list of capital providers supporting our IOS platform. This closing underscores the strength of our portfolio and the continued demand for well-located industrial outdoor storage assets.”
– Scott Whittle, Chief Financial Officer for Alterra IOS
“Blackstone Mortgage Trust is actively deploying capital into compelling investment opportunities in today’s market, including the IOS sector, which benefits from similar secular tailwinds to logistics, one of Blackstone’s highest conviction themes. We are excited to provide this financing solution to Alterra and support the next phase of growth for their IOS platform.”
– Austin Pena, Executive Vice President of Investments at Blackstone Mortgage Trust
