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Alterra IOS Purchases 3 Assets in Metro Atlanta

Alterra IOS Purchases 3 Assets in Metro Atlanta

2620 Campbell Blvd. in Ellenwood, Georgia.
The IOS property at 2620 Campbell Blvd. in Ellenwood, Georgia. Image courtesy of Alterra IOS

Alterra IOS has acquired three industrial outdoor storage properties totaling 28 acres in the Atlanta metropolitan area. The company’s portfolio in the region now includes 23 properties.

The assets include 0 Liberty Industrial Park in McDonough, Ga.; 2620 Campbell Blvd. in Ellenwood, Ga.; and 498 Tuggle Greer Drive in Buford, Ga. Alterra acquired them for a combined $22.4 million, according to public records.

According to the company, each property is also located in an industrial area and with good access to major highways.

The IOS trio, up close

The 0 Liberty Industrial Park property is currently under construction, with delivery expected in the fourth quarter. When completed, there will be two 20,000 and 6,000 square foot Class A IOS facilities on 12.5 usable acres, with three entrances for convenient access for multiple users.

Park My Truck USA brokered the deal. Additionally, Steven Bridges and Nat Weikert of OnPace Partners will spearhead leasing of the property.

The Class A property at 2620 Campbell Blvd. features a 24,500-square-foot maintenance shop and office on 10.5 acres of paved land. The asset is zoned for heavy industrial and is located in the densely populated I-675 corridor. Christian Samartino of Piedmont Properties and Jordan Camp of Oakley Brokerage Partners arranged the acquisition.

The facility located at 498 Tuggle Greer Drive is a 5.3-acre site with multi-way access via Interstates 985 and 85. The property is fully paved and includes approximately 39,000 square feet of warehouse and office space. Mendy Ruder of Lee & Associates represented Alterra in the purchase and will also market the site to potential tenants.

Niche market, big movements

The IOS market is characterized by consistent investor demand, “supported by long-term market dynamics, minimal capital costs, ease of construction and strict zoning requirements,” which create barriers to entry and limit supply, according to a June report from Matthews Real Estate Investment Services.

The appeal to investors is enhanced by annual rental rates of 3-5% and near-universal triple net rental structures, the report reveals.

Against this backdrop, Alterra has been on a series of acquisitions. In January, the company entered into a sale-leaseback agreement with TruGreen, the national lawn care company, for 17 properties in 14 states, totaling 350,000 square feet of buildings and 44 acres.

Almost simultaneously, and in a separate sale-leaseback transaction, Alterra worked with ConGlobal Industries, a leading operator of intermodal terminals, finished vehicle and depot services, to acquire four IOS properties totaling nearly 90 acres with more than 50,000 square feet of buildings. The properties are primarily located in the Sun Belt.