$360M + $103M: Big capital targets port IOS markets

Sagard Real Estate and La Caisse launched a $360 million IOS joint venture targeting major U.S. port markets, while Alterra IOS closed a $103 million PGIM credit facility across 23 IOS properties in 18 markets.

$360M + $103M: Big capital targets port IOS markets

IOS Market Pulse: March 8-11, 2026

🚢 The Headliner: Canadian Capital Plants Its Flag in U.S. Port IOS

Sagard Real Estate and La Caisse launch $360M IOS joint venture, close first acquisition in greater New York City

Two of Canada's largest institutional investors are building a dedicated IOS platform targeting properties near the country's busiest seaports. Sagard Real Estate and La Caisse announced the $360M JV on March 10, with the option to scale beyond the initial commitment. The launch comes despite frayed U.S.-Canada trade relations, underscoring that IOS fundamentals are overriding geopolitical noise. Their first acquisition - undisclosed address, fully leased, with connectivity to Manhattan and the Port of New York and New Jersey - was already closed at announcement.

Transaction Details:

JV Capitalization: $360M (option to scale)
JV Partners: Sagard Real Estate + La Caisse
First Acquisition: Greater New York City (Meadowlands area) - fully leased, address not disclosed
Target Markets: Southern California, NYC/New Jersey, San Francisco Bay Area, Houston, greater Baltimore
Strategy Lead (Sagard): Mark Bigarel, President, Sagard Real Estate / Chad Messer, Deputy CIO, Sagard Real Estate
Strategy Lead (La Caisse): Rana Ghorayeb, Executive Vice President and Head of Real Estate, La Caisse
Seller / Broker: Not yet disclosed

"IOS is a critical supply chain asset class, benefiting from strong structural tailwinds - e-commerce growth, global trade, and nearshoring. By leveraging Sagard's fully integrated regional teams and proven off-market sourcing capabilities, we gain privileged access to high-quality opportunities." - Rana Ghorayeb, EVP and Head of Real Estate, La Caisse

"With La Caisse's scale and long-term vision, combined with our operator-driven expertise, we are well positioned to capture compelling opportunities in markets with strong fundamentals and durable demand drivers." - Mark Bigarel, President, Sagard Real Estate

Alterra IOS closed a $103 million credit facility secured by 23 IOS properties across 18 U.S. markets. The facility, provided by PGIM's real estate arm, marks Alterra's first debt financing with PGIM. According to CFO Scott Whittle, the deal is "an important milestone in the continued institutionalization of the IOS sector." PGIM's Justin Levitt cited surging tenant demand and a lack of new supply in high-density urban markets as the driving thesis.

Borrower Lead: Scott Whittle, Chief Financial Officer, Alterra IOS
Lender Lead: Justin Levitt, Managing Director and Head of Northeast and Midwest Regions, U.S. Debt, PGIM Real Estate
Arranger: Justin Horowitz, Cooper-Horowitz
Note: First debt financing between Alterra IOS and PGIM

"PGIM's partnership underscores growing confidence in IOS as a durable, long-term asset class." - Scott Whittle, CFO, Alterra IOS

👥 People Behind the Deals

#### Mark Bigarel - President, Sagard Real Estate

Led the launch of Sagard's $360M IOS joint venture with La Caisse. Bigarel oversees Sagard Real Estate's operator-driven acquisition platform with a focus on off-market sourcing. The JV's port-market strategy reflects his thesis that seaport-adjacent IOS commands durable demand and structural rent growth.

#### Chad Messer - Deputy CIO, Sagard Real Estate

Co-led deal structuring on the Sagard-La Caisse IOS joint venture. Messer works alongside Bigarel on Sagard's real estate investment platform, which draws on the broader Sagard network managing more than $33B in assets under management.

#### Rana Ghorayeb - Executive Vice President and Head of Real Estate, La Caisse

Championed the IOS JV from La Caisse's side, integrating it into the firm's alternative real estate diversification strategy. La Caisse manages more than $350B on behalf of Canadian pension funds and insurance programs. Ghorayeb cited nearshoring, e-commerce growth, and global trade as the core demand drivers for the asset class.

#### Scott Whittle - Chief Financial Officer, Alterra IOS

Structured and closed Alterra's $103M credit facility with PGIM, the firm's first debt partnership with the lender. Whittle has been a key architect of Alterra's capital markets expansion, having closed the BMO $100M revolving facility in January 2026 and a $150M Blue Owl loan in 2025.

#### Justin Levitt - Managing Director and Head of NE/Midwest Regions, U.S. Debt, PGIM Real Estate

Led PGIM's execution on the $103M Alterra IOS credit facility. Levitt pointed to surging tenant demand and constrained new supply as the core thesis for PGIM's conviction in the sector, noting that vacant and underutilized urban sites are being repositioned for logistics use across high-density markets.

#### Justin Horowitz - Cooper-Horowitz

Arranged the $103M PGIM credit facility for Alterra IOS. Horowitz has been active across multiple Alterra debt transactions as the firm continues to layer institutional credit into its growing national IOS portfolio.

📈 Operating Context

#### IOS Rents Have More Than Doubled Since 2020 - and Institutional Capital Is Responding

The Sagard-La Caisse JV announcement came alongside market commentary that captures the state of play: IOS rents have more than doubled since 2020, the sector has remained resilient across tariff cycles, and supply of quality sites continues to contract. Alterra IOS Senior Vice President of Acquisitions Mark Gannon summarized the consensus in December: "Everyone's fundamental view of the space is that there is a diminishing supply of IOS real estate and heightened demand across the country. What that leads to is rent growth and compelling cash flow characteristics for your investors."

Recent market signals reinforcing this view:

Brookfield Asset Management agreed last month to acquire Peakstone Realty Trust - which operates 60 IOS sites - for approximately $1.2B, taking the REIT private
Morgan Stanley's real estate investment arm paid $92M for a Southern California IOS site in November
Two separate institutional credit facilities (PGIM $103M and BMO $100M in January) have been extended to Alterra IOS in Q1 2026 alone
The Sagard-La Caisse JV represents new international institutional capital entering U.S. IOS for the first time at scale

Practical takeaway: Capital is chasing port-adjacent and infill IOS as a secular bet on supply chain resilience. Operators and owners in seaport markets should expect increasing institutional competition for well-located sites in SoCal, NJ/NYC, and Houston.

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