120-acre Triten recap headlines 10 days of IOS deals
Principal Asset Management acquired TPG AG's interest in a 17-property IOS portfolio while Triten retained an ownership stake and operating control. The deal gives Principal immediate exposure to yard-intensive assets in Atlanta, Houston, Dallas-Fort Worth, Kansas City and Miami, with Triten…
IOS Market Pulse: Sep 14-24, 2026
🏗️ The Headliner: 17-property recap across five markets
Principal joins Triten on a 120-acre IOS portfolio
Principal Asset Management acquired TPG AG's interest in a 17-property IOS portfolio while Triten retained an ownership stake and operating control. The deal gives Principal immediate exposure to yard-intensive assets in Atlanta, Houston, Dallas-Fort Worth, Kansas City and Miami, with Triten continuing to manage leasing, asset management and execution.
Transaction Details:
- Purchase Price: Undisclosed
- Property: 17-property IOS portfolio across Atlanta, Houston, Dallas-Fort Worth, Kansas City and Miami
- Site: Approximately 120 acres | 340,000 SF
- Seller: TPG AG interest acquired by Principal Asset Management
- Buyer Lead: Devin Chen, Head of Private Equity Portfolio Management, Principal Asset Management
- Seller Lead: Matt Lazar, Managing Director, TPG AG
- Broker / Deal Team: Scott Arnoldy, Founder and CEO, Triten Real Estate Partners; Zach Dobin, Portfolio Manager for Triten's Industrial Platform
The U-shaped South Baltimore parcel traded for $11.1 million and is anchored by a long-term automotive logistics lease. The site sits in the Fairfield Maritime Industrial District, where usable waterfront land and secure vehicle storage remain difficult to replicate.
- Key Features: Fully fenced, paved and lighted yard with waterfront access and a long-term AMPORTS lease
- Buyer Lead: Not yet disclosed
- Broker / Deal Team: Jim Chivers and Will McCullough, Gold and Co.
The 10.25-acre Western I-495 portfolio adds two functional maintenance facilities in one of Boston's tighter industrial submarkets. The sites support transportation users with drive-through bays, on-site fueling in Ayer and immediate access to the broader Boston logistics network.
- Key Features: Four drive-through bays and fueling in Ayer; one drive-through bay in Devens
- Buyer Lead: Ed Brickley, Managing Director and Senior Fund Manager, Realterm
- Broker / Deal Team: Nick Dupuis, Vice President, Investments, Northeast Region, Realterm; seller and brokers not yet disclosed
Steel Peak acquired 6669 Colorado Boulevard from an undisclosed seller, marking its second Commerce City IOS acquisition in 45 days. The property fronts Colorado Boulevard and gives equipment rental, construction services, trucking, logistics and building-material users a yard-heavy site with I-270 and I-76 access.
- Key Features: 14 drive-in doors, 16-foot clear height, graveled storage yard and planned fence and yard upgrades
- Buyer Lead: Spencer Mikles, Director of Acquisitions, Steel Peak
- Broker / Deal Team: Blake Rodgers, Principal, and Pasha Johnson, Co-Founder, Steel Peak; seller and brokers not yet disclosed
🏗️ Adjacent Industrial (IOS-Relevant)
ONTARIO, CALIFORNIA: EV Realty acquires a freight charging site
EV Realty acquired 2151 E. Philadelphia Street for a future fleet charging hub in the Inland Empire. The site is positioned for freight operators serving the Ports of Los Angeles and Long Beach, Los Angeles and San Bernardino intermodal facilities and Ontario International Airport, with 9 MW of simultaneous truck-charging capacity reserved through the local grid.
- Property: 2151 E. Philadelphia Street
- Power: 9 MW reserved for simultaneous truck charging
- Lead: Patrick Sullivan, CEO, EV Realty
What the Numbers Are Saying
Institutional investors now account for an estimated 35% to 45% of IOS acquisitions, up from approximately 25% to 30% four years ago. The flip side is still the opportunity: private operators and long-term owner-users continue to control an estimated 65% to 75% of existing stock.
Market Snapshot (September 2026):
- Investor Share: Institutional buyers represent an estimated 35% to 45% of acquisitions
- Ownership Base: Private operators and owner-users still hold an estimated 65% to 75% of stock
- Demand Drivers: Logistics, e-commerce, domestic manufacturing, supply-chain diversification and equipment-rental users
- Supply Constraint: Zoning limits, public resistance to outdoor storage and scarce infill industrial land
Practical takeaway: The sector is institutionalizing, but fragmentation still leaves room for local sourcing, operating expertise and portfolio assembly.
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