$281M says the quiet part out loud on IOS debt

Catalyst Investment Partners secured $281 million across 77 IOS properties, with Blackstone and J.P. Morgan Asset Management both leaning into dedicated outdoor-storage collateral. Realterm also added a 40-acre Laredo cross-border yard, Terreno locked down a long-term Elizabeth pre-lease, and new listings in Chesapeake, Miami, and Baltimore show how quickly functional yards are being surfaced to users.

🔥 The Headliner: $281M for 77 IOS properties

Catalyst Investment Partners secured $281 million in separate financings for Catalyst IOS Fund II, backed by a 77-property portfolio across 12 high-barrier IOS markets. The financing matters because one lender group marked its first loan secured by a fully dedicated IOS portfolio, while Blackstone continued to expand its exposure to the asset class.

**Financing Amount:** $281 million
**Portfolio:** 77 IOS properties across 12 high-barrier markets
**Markets:** Northern New Jersey, Miami, Washington, D.C., and other dense urban infill markets
**Borrower:** Catalyst Investment Partners, on behalf of Catalyst IOS Fund II
**Capital Providers:** Blackstone Real Estate Debt Strategies and institutional investors advised by J.P. Morgan Asset Management
**Borrower Leads:** Dan Haroun, Co-Founder and Partner, Catalyst; Max Heiden, Co-Founder and Partner, Catalyst
**Broker / Deal Team:** Justin Horowitz, Cooper-Horowitz arranged the financing; Rothman Law and Levenfeld Pearlstein served as legal counsel to Catalyst

🔥 Other Deals That Closed (June 8-11)

DEAL #2: Laredo, TX

Realterm acquired a 40-acre fully secured cross-border logistics yard at 14610 Mines Road in Laredo. The site includes 25.3 concrete-paved acres, a 22,250-square-foot check-in station, a 6,800-square-foot office, and a 3,000-square-foot wash bay, with Heartland Express occupying the paved portion.

**Property:** 14610 Mines Road, Laredo, TX
**Site:** 40 acres, including 25.3 concrete-paved acres
**Improvements:** 22,250 SF check-in station, 6,800 SF office, 3,000 SF wash bay
**Price:** Undisclosed
**Key Features:** Two ingress and egress points, immediate Mines Road access, proximity to the World Trade Bridge, US-59, and I-35
**Buyer Lead:** Ed Brickley, Managing Director and Senior Fund Manager, Realterm; Brennan Cascarano, Investments, Realterm
**Seller Lead:** Not yet disclosed
**Broker / Deal Team:** Not yet disclosed

DEAL #3: Alton, IL

Rockford Asset Management acquired Alton Center Business Park for $15 million, adding a 450,000-square-foot industrial asset on 133.8 acres with outdoor storage capacity. The property was 70 percent leased at sale and anchored by Imperial Manufacturing Group.

**Property:** Alton Center Business Park, Alton, IL
**Site:** 133.8 acres
**Improvements:** 450,000 SF, 22 dock-high doors, five grade-level doors
**Price:** $15 million
**Key Features:** 23- to 25-foot clear heights, outdoor storage capacity, 70 percent leased at sale, and $12.4 million of acquisition financing
**Buyer Lead:** Not yet disclosed at Rockford Asset Management
**Seller Lead:** Not yet disclosed, private family partnership
**Broker / Deal Team:** Tyler Sharp and Adam Abushagur, Marcus & Millichap represented the seller and procured the buyer; Frank Montalto and Ethan Splan, Institutional Property Advisors arranged the acquisition loan

📝 Leases Signed

Elizabeth, NJ: Terreno pre-leases 4.6-acre improved land parcel through 2034

**Property:** Elizabeth, New Jersey improved land parcel
**Site:** 4.6 acres
**Improvements:** Improved land parcel for industrial outdoor storage and transportation-oriented use
**Tenant:** Truck sales and leasing operator
**Landlord:** Terreno Realty Corporation
**Landlord Rep:** Not yet disclosed
**Tenant Rep:** Not yet disclosed
**Term:** Commences November 1, 2026 and extends through January 2034

📊 Market Intel Spotlight: Columbia, SC

Columbia is showing the same pattern that has pushed IOS pricing higher in larger Sun Belt markets: low vacancy, public infrastructure investment, and user demand tied to manufacturing and logistics growth.

**Vacancy:** 4.7 percent industrial vacancy
**Sale Pricing:** 2025 industrial sales averaged $65.98 per square foot, with typical values cited in the $85 to $100 per square foot range
**IOS Signal:** IOS assets are commanding premium pricing because yard storage gives users flexibility versus keeping all equipment and merchandise inside a warehouse
**Demand Drivers:** Scout Motors, Carolina Crossroads, Atlas Road widening, institutional investor interest, and Columbia's Southeast location
**Local Experts:** George McCutchen and James Rogers, senior brokers and principals, Wilson Kibler

🏗️ Adjacent Industrial (IOS-Relevant)

Institutional capital keeps moving into fragmented owner-operated IOS

Institutional buyers are still finding scale by aggregating smaller self-contained IOS parcels that historically sat with specialized local owners. For sellers, the market is creating liquidity in an asset class that used to trade quietly. For buyers, the advantage is operational: dense urban land, low coverage, equipment users, and trucking demand remain difficult to replicate.

📌 Active IOS Listings (Newly Circulating)

Chesapeake, VA: 3317 Bus Center Drive

**Site:** 2.25 usable acres | 6,500 SF available, including 5,000 SF warehouse and 1,500 SF office
**Functionality:** Fenced, lighted, graveled yard with concrete landing strips in Chesapeake's industrial corridor
**Pricing:** Contact for pricing
**Brokers:** Chamie Burroughs and Ricky Anderson, Colliers

Miami, FL: 19650 SW 136th Street

**Site:** 4 acres | paved, fenced, and gated IOS yard with office and covered storage
**Functionality:** Approximate capacity for 90 trucks, night lighting, active industrial and commercial permits, and flexible 5- to 10-year lease terms
**Pricing:** $40,000 per month gross asking rent
**Broker:** Marcelo Perdomo, Lifestyle International Realty

Baltimore, MD: 2619 Hollins Ferry Road & 2604 Foerster Avenue

**Site:** 0.58 acres | approximately 25,265 SF of I-1 zoned land
**Functionality:** Contractor yard and IOS opportunity in the Southwest Industrial Corridor
**Pricing:** Contact for pricing
**Broker:** Steven Reichert, Easy Lot Storage Solutions

📈 Operating Context

Security vendors are targeting IOS as a distinct operating category

Freight Ninja and LVT formed a partnership to deploy mobile solar-powered security units across a nationwide logistics network. The move points to a practical issue for IOS owners and operators: cargo theft, vandalism, and perimeter control are now part of the underwriting conversation, especially for truck parking and fleet-heavy users.

**Practical takeaway:** Better site security can support user retention, insurance conversations, and rent durability at exposed yard assets.