11 Deals Close + $400M Fund + New JV Capital
Catalyst closed Fund III at $400M (oversubscribed), Steel Peak launched a $150M JV with Tarsadia, and Brookfield agreed to acquire IOS-heavy Peakstone REIT for $1.2B. Plus 11 deals across the U.S.
11 Deals Close + $400M Fund + New JV Capital
IOS Deal Flow Newsletter
Industrial outdoor storage activity stayed busy in early February, with multi-state deal flow spanning FL, AZ, TX, MA, GA, OH, SC, and NJ. Meanwhile, the capital markets side heated up with Catalyst closing Fund III at $400M (oversubscribed) and Steel Peak launching a new JV with $150M of acquisition firepower for 2026. Translation? The money is following the deals, and the deals keep coming.
💼 Capital Markets Highlights
Catalyst Hits Hard Cap on Fund III at $400M
Catalyst Investment Partners announced final close of Fund III at $400M (hard cap), oversubscribed versus the original $300M target. The platform currently owns 140+ IOS sites and is scaling toward 250+ sites with a goal of ~$1.5B gross asset value. When a fund oversubscribes by 33%, that tells you everything you need to know about investor appetite for IOS.
Steel Peak + Tarsadia: $150M Acquisition JV for 2026
Steel Peak Properties formed a joint venture with Tarsadia Investments with a stated plan to deploy approximately $150M in IOS acquisitions during 2026, with a longer-term goal of building a $500M+ portfolio. Named Principals: Blake Rodgers and Pasha Johnson (Steel Peak)
📍 Other Major Platform Moves
#### 🏦 Brookfield to Acquire Peakstone ($1.2B)
Brookfield Asset Management announced an all-cash deal to acquire Peakstone Realty Trust at $21/share (approximately $1.2B enterprise value). Peakstone's portfolio at announcement included 76 industrial properties: 60 IOS and 16 traditional industrial.
#### 🏢 Link Logistics Elevates Dedicated IOS Leadership Role
Link Logistics announced leadership changes including a senior managing director role dedicated to Industrial Outdoor Storage. The move references their JV with Transport Properties, which specializes in truck/trailer/bus/materials storage. - Jack Hennessey (new IOS role) - Glenn Wylie (Head of Asset Management) - Luke J. Petherbridge (CEO)
#### 🏦 Alterra Closes $100M Revolving Credit Facility
Alterra closed a $100M fund-level revolving credit facility with BMO to support ongoing acquisitions. Initial backing was referenced as 27 IOS properties across 17 states, with the structure designed for rapid deployment.
🔥 This Week's Deal Flow (Feb 5-13)
DEAL #1: LARGO, FLORIDA
Greenspring Closes Off-Market IOS Buy on Starkey Road
Greenspring Realty Partners picked up this off-market acquisition directly from the seller/user and immediately brought it to market for lease. The property sits on Starkey Road with approximately 38,000 vehicles per day passing by.
PROPERTY 1625 Starkey Road, Largo, FL
BUYER Greenspring Realty Partners
SITE ±2.14 acres
BUILDING ±9,000 SF under roof
- Yard: Fully improved with rear yard storage
- Frontage: Starkey Road (~38,000 VPD)
- Use: Contractor yard / equipment rental / light repair / warehouse / storage (zoning allows broad uses)
- Status: Now available for lease
Deal Team: Nicki Berg (principal), Goral Khatta (leasing)
DEAL #2: WEST CHESTER (CINCINNATI), OHIO
Alterra Adds Infill IOS Site
PROPERTY 898 E Crescentville Road, West Chester, OH
BUYER Alterra IOS
USABLE YARD ±4.1 acres
BUILDING ±34,650 SF
- Yard: Secured outdoor storage
- Deal Leads: Parker Pearson, E. Liam Loftus
- Deal Sourced By: Roddy MacEachen (SqFt Commercial)
DEAL #3: JARRELL, TEXAS
7.9-Acre IOS Closing; Now Available for Lease
This I-35 corridor property offers approximately 90,000 vehicles per day of visibility with low building-to-land coverage, making it ideal for operators who need significant outdoor storage capacity.
PROPERTY 75 County Road 372, Jarrell, TX
SITE ±7.9 acres
IMPROVEMENTS ±20,050 SF office/warehouse
VISIBILITY Along I-35 (~90,000 VPD)
- Warehouse: ~20' clear height
- Coverage: Low building-to-land ratio
- Status: Now available for lease
- Contact: Jeff Miller (closing announcement; now leasing)
DEAL #4: MILLIS, MASSACHUSETTS
Open Industrial Acquires 9.13-Acre IOS Site
PROPERTY 1465 Main Street, Millis, MA
BUYER Open Industrial
SITE ±9.13 acres
IMPROVEMENTS ±12,000 SF office/shop
- Yard: Secure outdoor storage
- Zoning: I-P-2 (supports wholesale supply, commercial parking, outdoor storage)
- Access: Strong to I-495 and Boston metro
DEAL #5: PHOENIX, ARIZONA
Zenith Buys 11-Property Infill IOS Portfolio Near Sky Harbor
This is the kind of portfolio that doesn't come around often: 11 infill properties totaling ~39 acres of secured yard and ~280,000 SF of buildings in supply-constrained Phoenix submarkets near the airport and key freight corridors.
BUYER Zenith Industrial Outdoor Storage
SELLER Hanson Capital
BUILDINGS ~280,000 SF (aggregate)
LAND ~39 acres secured yard (aggregate)
- Location: Infill submarkets near Phoenix Sky Harbor International Airport and key corridors (I-10 / I-17)
- Use Mix: Logistics, contractor services, building materials, manufacturing
- Advisor / Seller Rep: JLL (Bradley Schoenfeld, Clint Renshaw, Zachary Rino)
DEAL #6: ATLANTA, GEORGIA
Jadian IOS Acquires 7.4-Acre Industrial Service IOS
BUYER Jadian IOS
SITE ±7.4 acres
BUILDINGS ±29,500 SF across 3 shop buildings
- Features: Oversized drive-in doors
- Yard: Paved and secured
- Location: Minutes from Hartsfield-Jackson + access to I-285 / I-75
- Status: Available for lease
DEAL #7: SOUTH PLAINFIELD, NEW JERSEY
Sitex Buys Ex-Progressive Site Off I-287; Repositioning Into IOS
Sitex Group is converting this former Progressive Casualty Insurance claims center into a modern low-coverage IOS facility for fleets and outside storage users. This is the kind of adaptive reuse play that's becoming more common as institutional buyers get creative with sourcing.
PROPERTY 152 West Street, South Plainfield, NJ
BUYER Sitex Group
SITE ±4.1 acres
BUILDING 22,000 SF
- Former Use: Progressive Casualty Insurance claims center
- Plan: Repurpose into modern low-coverage IOS for fleets/outside storage
- Deal Team: Blake Chroman, Max Fuchsman
💰 Financing Activity
FINANCING: LITHIA SPRINGS, GEORGIA
Black Bear Funds IOS with $7.5M Bridge Loan
LENDER Black Bear Capital Partners
LOAN AMOUNT $7.5M
TERM 18-month bridge
ASSET ±13.5 acres IOS
- Purpose: IOS acquisition/refinance (reported as free-and-clear asset)
- Originations: Brandon Harris
🧾 Leases Signed
#### LEASE #1: PIEDMONT, SOUTH CAROLINA - ±10,415 SF IOS/Industrial Facility
- Property: 1400 Piedmont Highway, Piedmont, SC
- Space: ±10,415 SF
- Landlord Rep: Matt Roos (Lee & Associates)
#### LEASE #2: LAWRENCE TOWNSHIP, NEW JERSEY - 48,000 SF Fleet Maintenance
- Property: 2572 Brunswick Pike, Lawrence Township, NJ
- Tenant: Easton Coach Company (charter bus operator)
- Space: ±48,000 SF for paratransit fleet maintenance/repair
- Landlord: Velocity Venture Partners
#### LEASE #3: MEDLEY, FLORIDA - 2.35-Acre IOS Facility
- Property: 11100 NW 112th Court, Medley, FL
- Site: ±2.35 acres
- Building: ±11,510 SF
- Features: Office + maintenance space, eight drive-in doors, secure outdoor storage
- Access: Strong to highways + airport + ports
📌 Active IOS Listings
#### 🟦 KILLEEN, TEXAS
- ±14.75 acres yard
- Build-to-suit capability
- Near Fort Hood demand drivers
- Contacts: Stan Nowak, Andrew Alizzi, Colten Courtney
#### 🚢 JACKSONVILLE, FLORIDA - Rail-Served Open Yard
- ~11 acres
- Heavy Industrial (IH) zoning
- 2 active rail spurs (~1,500 LF)
- Close to JAXPORT/I-295/CSX intermodal
- Lease guidance: $0.85-$0.95 PSF NNN (long-term options up to ~30 years)
- Contact: Mike Salik
#### 🟩 LEWISVILLE, TEXAS
- 5.54 acres
- 40,000 SF across 2 buildings
- Stabilized fenced yard
- Prime frontage on Business 121
- Contact: Thomas Mercer
#### 🟨 FLINT, MICHIGAN
- ±6.55 acres for sale
- Located between I-69 and I-475
- Contact: Eric Haufler
#### 🟧 ROCK HILL, SOUTH CAROLINA
- ±10.91 acres for sale/lease
- Trailer and outdoor storage yard
- Multiple buildings
- Contact: Davis Blount
📊 What This Week Signals
• Infill scarcity is the headline Phoenix (portfolio), NJ (I-287 visibility), and Boston metro (Millis) all underscore how buyers are prioritizing supply-constrained submarkets with durable outside-storage demand. When land is scarce and zoning is tight, functional IOS sites become even more valuable.
• "Operational real estate" keeps winning The most detailed deal notes emphasize yard security, oversized doors, maintenance capability, and fleet/logistics access, not just building size. Buyers want turnkey facilities that can generate income immediately, not projects that need heavy repositioning.
• Capital is organizing around repeatable platforms New JV acquisition budgets, new fund closes, and dedicated IOS leadership roles are the tell: institutional investors are treating IOS less as "special situation land" and more as a scalable product type. This is the maturation of the sector happening in real time.
📬 Get Your Deal Featured
Closed an IOS transaction (sale, lease, financing, recap, JV acquisition)? We want to feature your deal and team in the next issue.
Reply with: - Address + market - Site acres + building SF + yard notes (paving/fencing/gates/coverage) - Buyer/seller or landlord/tenant - Brokers + all key professionals (debt, title, legal, PM, construction) - Price / lease terms if shareable