$113M IOS exit: GFH sells 10 assets across three states

November 5, 2026 · 13 min read · Industrial Outdoor Storage

IOS Market Pulse: Nov 2-5, 2026

🏗️ The Headliner: $113M across ten IOS properties

GFH Partners completes a ten-property US IOS exit

A GFH Partners-managed vehicle sold ten US IOS properties for $113 million, with the transaction closing October 22. Eight assets are in the Chicago area, with one each in Lenexa, Kansas, and Wilmer, Texas; the portfolio serves fleet parking, equipment storage and logistics staging. Double-digit renewal rent growth across the Chicago and Kansas assets and a long-term investment-grade tenant at the formerly vacant Wilmer yard strengthened the portfolio before exit.

Transaction Details:

• Purchase Price: $113 million

• Property: Eight Chicago-area sites; one in Lenexa, Kansas; one in Wilmer, Texas

• Site: Undisclosed acres | undisclosed SF

• Seller: Vehicle managed by GFH Partners; buyer undisclosed

• Seller Lead: Nael Mustafa , Chief Executive Officer, GFH Partners

Portfolio Breakdown

CHICAGO AREA, ILLINOIS · Eight properties

Addresses undisclosed · Undisclosed SF · undisclosed acres

LENEXA, KANSAS · One property

Address undisclosed · Undisclosed SF · undisclosed acres

WILMER, TEXAS · One property

Long-term investment-grade tenant; address undisclosed · Undisclosed SF · undisclosed acres

NW1 Partners acquired the portfolio assembled by Transport Properties. The largest property, 3000 East 106th Street in Chicago, accounts for 29.5 acres and $23.1 million of the consideration.

• Key Features: Truck parking and outdoor storage in established Chicago-area transportation locations; acquisition financing undisclosed.

• Buyer Lead: Brad Beanblossom , Co-founder, NW1 Partners; David Boyle , Co-founder, NW1 Partners

• Broker / Deal Team: Seller contacts: James Kurtzweil , Partner, Transport Properties; Tim McCahill , Transport Properties

Outpost acquired the yards from Meadow Partners and Criterion Group, with a $52.2 million acquisition bridge loan from Forbright Bank. A new Fortune 100 tenant lease fully occupies Newark; Kearny offers immediate lease-up potential near Port Newark-Elizabeth.

• Key Features: Kearny: 8.04 acres available for lease and subdivision; Newark: 6.93 acres and 163 trailer stalls. Planned work includes paving, lighting, security and access improvements.

• Buyer Lead: Greg Pearson , Chief Investment Officer, Outpost; Chenying Zhao , Managing Director, Outpost; Sam Penny , Outpost; Harry Zhang , Outpost

• Broker / Deal Team: Seller representatives: Jordan Avanzato , Senior Managing Director, NAI James E. Hanson; Christopher Todd , Senior Managing Director, NAI James E. Hanson; William Ericksen , Managing Director, NAI James E. Hanson; Buyer representatives: Jason Lundy , Managing Director, JLL; Nick Stefans , Managing Director, JLL; Luke Ceccoli , Senior Analyst, JLL; Dean Brody , Vice Chairman, JLL; Debt advisors: Michael Klein , Senior Managing Director, JLL; Max Custer , Senior Director, JLL; Michael Donohoe , Senior Analyst, JLL; Additional contacts: Eric DeYoung , Outpost; Rob Brandt , Outpost; Chris Comet , Outpost; Ari Bixhorn , Outpost

The acquisition combines three truck terminals with distribution and other industrial buildings. Legacy plans capital improvements and a portfolio rebrand, with 15 acres of improved outdoor storage immediately available.

• Key Features: Ten buildings across five campuses; JLL handles leasing inquiries.

• Broker / Deal Team: Buyer firm contacts: Jack McCunn , Legacy Capital Partners; Jack Slater , Legacy Capital Partners; Advisors / leasing team: Joe Davis , JLL; Matthew Collins , JLL; Josh Weithman , JLL; Additional contacts: Lucas Borges ; Emma Berner

Sago Capital acquired the single-tenant portfolio from Welcome Group. JLL arranged both the sale and financing; the loan amount and lender remain undisclosed.

• Key Features: Mix of industrial outdoor storage and manufacturing assets across the Houston market.

• Broker / Deal Team: Advisors / leasing team: Lance Young , JLL Capital Markets; Trent Agnew , JLL Capital Markets; Charlie Strauss , JLL Capital Markets; Dawson Hastings , JLL Capital Markets; Wally Reid , JLL Capital Markets; James Lovell , JLL Capital Markets

Realterm acquired the two adjacent properties from Imperium IG, with both fully leased to Student Transportation of America. The Commonwealth site has 4.6 acres and 17,600 SF; Peavy Road adds 7.5 acres and 6,900 SF.

• Key Features: Ten drive-through bays and one wash bay; access to I-10, I-95, I-295, JAXPORT and the airport. Colliers represented both parties.

• Buyer Lead: Ed Brickley , Managing Director, Senior Fund Manager, Realterm; Arnie Capute , Vice President, Investments, East Region, Realterm

• Broker / Deal Team: Buyer representatives: Jimmy Ullrich , Executive Vice President, Colliers; Eric Bumgarner , Executive Vice President, Colliers; Michael Macchia , Associate Vice President, Colliers; Michael Cassidy , Associate Vice President, Colliers; Gordon Olson , Senior Associate, Colliers

F.W. Webb purchased the parcel from CRISON III, LLC for distribution and outdoor storage. Plans call for a smaller building and an expanded yard; the closing date is unspecified.

• Key Features: Buyer representation: David Skinner and Vin Cannistraro, Prescott IOS; seller representation: Tim Cadigan, Avison Young.

• Broker / Deal Team: Seller representatives: Tim Cadigan , Avison Young; Buyer representatives: David Skinner , Prescott IOS; Vin Cannistraro , Prescott IOS

Joe Demaria and Chris Doherty acquired the property from Jim Seagal of ESI South Bldg Partnership in a 1031 exchange. The October 30 transaction supports manufacturing and outdoor storage while retaining an existing building tenant.

• Key Features: Vacant land for equipment staging; the existing lease was extended with an increase in rental income, with terms undisclosed.

• Buyer Lead: Joe Demaria , Parkway Auto Sales & Services, LLC; Chris Doherty , Parkway Auto Sales & Services, LLC

• Broker / Deal Team: Seller contacts: Jim Seagal , ESI South Bldg Partnership; Seller representatives: Sean Bernaldo , Americas Commercial Real Estate; Alexander Bernaldo , Americas Commercial Real Estate; Buyer representatives: Miguelangel Salazar-Pesce , East Coast Properties & Commercial Real Estate; Azael Reyes , East Coast Properties & Commercial Real Estate

The buyer will occupy the Tampa-area property for its own operations. Environmental investigation and remediation during escrow preceded closing.

• Key Features: Large outdoor storage yard; Marcus & Millichap represented the seller.

• Broker / Deal Team: Seller representatives: James Defusto , Marcus & Millichap; Darpan Patel , Marcus & Millichap; Dan Yozwiak , Marcus & Millichap

The secured property pairs warehouse space with outdoor storage near the Zaragoza border crossing and I-10. Buyer and seller identities were undisclosed.

• Key Features: 26- to 28-foot clear heights, five dock doors and one grade-level ramp; cross-border logistics access.

• Broker / Deal Team: Advisors / leasing team: Angel Cazares , KW Commercial

The property combines warehouse and office space with hard-surface outdoor storage. It offers access to western and central Ohio markets.

• Key Features: Buyer, seller and consideration undisclosed.

• Broker / Deal Team: Advisors / leasing team: Tim Echemann

Alluvion added a low-coverage IOS property near I-24. Renovations are underway, and the site is immediately available for lease.

• Key Features: Outside storage capacity; McNeill Stout, Kevin Irwin and Robert Stout handle leasing with Charles Hawkins Co.

• Buyer Lead: Dean Taylor , Alluvion Partners

• Broker / Deal Team: Advisors / leasing team: McNeill Stout , Charles Hawkins Co.; Kevin Irwin , Charles Hawkins Co.; Robert Stout , Charles Hawkins Co.

Gavin Weaver and Liz Scott led the purchase, bringing Alterra to nine acquisitions in the Charlotte metropolitan area. The property is fully leased.

• Key Features: Access to the I-85 and I-77 corridors; seller and consideration undisclosed.

• Buyer Lead: Gavin Weaver , Alterra IOS; Liz Scott , Alterra IOS

An owner-user made an above-market purchase offer after the property was marketed for lease. Outdoor storage potential and limited competing supply helped convert the assignment into a sale.

• Key Features: Matthews represented the seller; CBRE represented the buyer.

• Broker / Deal Team: Seller representatives: Spencer Mason , Matthews Real Estate Investment Services; Jack Kuzio , Matthews Real Estate Investment Services; Brayden Conner , Matthews Real Estate Investment Services; Buyer representatives: Jared May , CBRE; Dawson Carper , CBRE

Gramercy purchased the IOS property from a retiring truck-shop operator. The acquisition announcement followed the closing, whose date remains unspecified.

• Key Features: Buyer firm contact: Avi Baum, Founder and Managing Principal, Gramercy Investment Group.

• Broker / Deal Team: Firm contact: Avi Baum , Founder and Managing Principal, Gramercy Investment Group

Bo Ricks, Gavin Weaver and Liz Scott led the acquisition, with assistance from Will Bost of Spur Commercial. The purchase extends Alterra’s San Antonio metropolitan cluster to 22 acquisitions.

• Key Features: Near I-10 and I-410; seller and consideration undisclosed.

• Buyer Lead: Bo Ricks , Alterra IOS; Gavin Weaver , Alterra IOS; Liz Scott , Alterra IOS

• Broker / Deal Team: Advisors / leasing team: Will Bost , Spur Commercial

Indianapolis, Indiana: 2.5-acre secured-yard lease

• Property: 4848 W Minnesota Street

• Site: Approximately 2.5 acres

• Improvements: Approximately 6,500 SF industrial building, including approximately 1,000 SF of office; five drive-in doors, heavy three-phase power and I-3 zoning

• Tenant: Undisclosed

• Landlord: Undisclosed

• Landlord Rep: Wade Wilson , SVN | Northern Commercial

• Tenant Rep: Harjod Cheema , SVN | Northern Commercial

Glendale, Arizona: long-term NNN lease with a one-acre secured yard

• Property: 6880-6868 W Orangewood Avenue

• Site: 1.40 acres

• Improvements: 6,320 SF warehouse with a one-acre gated and secured yard; M-1 zoning, 18- to 20-foot clear heights, two roll-up doors and 400-amp three-phase power

• Tenant: Undisclosed

• Landlord: Undisclosed

• Landlord Rep: Nick DePaul , Basis Commercial Real Estate; Preston Brimhall , Basis Commercial Real Estate; Jaime Hernandez Jr.

Joliet, Illinois: truck-repair lease near I-55 and I-80

• Property: 2135 Maxim Drive

• Site: Acreage undisclosed; four bobtail spaces; trailer parking available nearby, with none on site

• Improvements: Approximately 2,000 SF truck-repair facility with a drive-in door and office area

• Tenant: Undisclosed

• Landlord: Undisclosed

• Broker / Deal Team: Vito Sruoga , Managing Broker, RE/MAX Millennium Commercial Group; Gabija Baudyte , Broker, RE/MAX Millennium Commercial Group

What the Numbers Are Saying

October logistics index reaches 70.7 as capacity contracts The October Logistics Managers’ Index rose to 70.7 from September’s 70.2. Warehousing and transportation capacity both contracted while price pressure remained elevated; construction staging also adds pressure to outdoor storage in southern and East Coast markets.

Market Snapshot (October 2026):

• Warehousing Capacity: 43.5

• Transportation Capacity: 38.0

• Warehousing Prices: 80.7

• Transportation Prices: 88.0

• Demand Drivers: Inventory Levels at 66.9 and data-center construction staging. These are diffusion-index readings, not percentage changes.

Local Expert: Zac Rogers , Logistics Manager’s Index Analyst; Associate Professor, Supply Chain Management, Colorado State University

What the Numbers Are Saying

IOS valuation: usable acreage and legal rights determine comparability Institutional buying, more consistent leases and better operating data are improving IOS pricing transparency. Jonathan Gonzalez and Steve Williams examine why price per acre alone misses differences in zoning, usable acreage, access, surfacing and environmental constraints.

Market Snapshot (November 2026):

• Demand Drivers: Acquisition, financing and portfolio valuations require property-specific analysis alongside comparable sales.

Local Expert: Jonathan Gonzalez , Senior Associate, Capright; Steve Williams , Non-Executive Director, Capright

🏗️ Adjacent Industrial (IOS-Relevant)

Westside Center sells for $27.3 million with outdoor-storage users

Westside Center at 5320 23rd Street W in St. Louis Park, Minnesota, sold for $27.3 million. The 97%-leased industrial and commercial campus accommodates freezer, cooler and outdoor-storage users. Deal team: Bentley Smith , CBRE; Judd Welliver , CBRE; Zach Graham , CBRE; Ryan Bain , CBRE; Joe Horrigan , CBRE; Kailey Boyd , CBRE; Victoria Gomez , CBRE

Catalyst IOS doubles Manhattan headquarters to 12,000 SF

Catalyst IOS signed a five-year lease for the full 35th floor at SL Green’s 800 Third Avenue, doubling its 6,000-SF headquarters footprint. The move supports a 37-person team managing more than $1.4 billion across over 220 US properties, with occupancy expected by year-end. Deal team: Max Heiden , Co-founder and Partner, Catalyst IOS; Dan Haroun , Co-founder, Catalyst IOS; Harry Blair , Cushman & Wakefield; Kyle Cohen , Cushman & Wakefield; Kelli Berke , Cushman & Wakefield; Steven Durels , EVP and director of leasing and real property, SL Green

Memphis, Tennessee: 185 and 215 W McLemore Avenue; 1241 Louisiana Street

• Approximately 15.83 combined acres | 31,689-SF terminal plus adjoining shop and office improvements

• 77 dock doors and up to 324 trailer spaces across three adjoining properties; direct I-55 access. Offering updated November 4.

• For sale or lease; pricing on request.

• Brokers: Elliot Embry , Colliers; Bryce Daves , Colliers

Henderson, Colorado: 11481 Brighton Road

• 8.94 acres | 17,936 SF of industrial, office and residential improvements

• Eight drive-in doors; 14- to 18-foot clear heights. PUD zoning; seller is open to a use-specific amendment. Offering updated November 2.

• $6,499,000. Qualified-buyer seller financing advertised as low as 3% interest, 20% down, 25-year amortization and a five-year term.

• Brokers: David Fingerhut , Colorado Real Estate Brokers, Inc.

San Antonio, Texas: 7933 FM 1346

• 5.86 total acres | Approximately 4.5 usable acres; building area unspecified

• Stabilized yard, eight-foot perimeter fence, motorized gate, LED lighting and cameras. Current offering first marketed August 27.

• For lease; rent on request.

• Brokers: Benjamin Seger , Partners; Andrew Alizzi , Partners; Stan Nowak , Partners

📈 Operating Context

Dry-van linehaul reaches $2.23 per mile as posted capacity tightens

For the week ending October 31, dry-van spot linehaul averaged $2.23 per mile, up $0.03 week over week and 32.6% year over year, excluding fuel. Load posts rose 8.4% while truck posts fell 5.7%, lifting the load-to-truck ratio to 10.93. Flatbed linehaul averaged $2.61 with a 41.73 ratio; reefer averaged $2.71 with a 15.73 ratio. Market analyst: Dean Croke , DAT Freight & Analytics

Practical takeaway: Use carrier utilization and tenant financials alongside freight rates when assessing yard demand.

October Class 8 orders fall 36% year over year

Preliminary North American Class 8 orders totaled 15,600 in October, down 24% month over month and 36% year over year. Year-to-date orders remained up 74% at 278,201 units. Dan Moyer , Senior Analyst, Commercial Vehicles, FTR, points to possible spending shifts toward trailers and pressure from fuel, insurance and labor costs.

Practical takeaway: Separate fleet replacement decisions from direct evidence of truck-yard leasing demand.

Data-center construction ties up trucks and drivers

Eric Starks , Chairman, FTR Transportation Intelligence, sees data-center construction and improving manufacturing supporting freight demand, while equipment and drivers committed to projects reduce capacity elsewhere. His outlook extends construction support into mid-2027, with greater uncertainty afterward and continuing fuel and cash-flow pressure on smaller carriers.

Practical takeaway: Match construction-user lease terms and credit assumptions to the duration of the underlying projects.

Super Ego says Elmhurst yard operations continue

Super Ego Holding says it continues to own and operate 677 N. Larch Avenue in Elmhurst, Illinois, while considering other property locations. The property is marketed for sale; no completed real estate transaction is confirmed. The equipment lessor serves more than 1,200 licensed carrier customers and introduced stricter lease and rental eligibility requirements effective November 1.

Practical takeaway: Confirm ownership, occupancy and any sale status directly before treating the yard as vacant or transferred.

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