The 15 Biggest IOS Moves We Covered in 2025

From J.P. Morgan's $700M JV with Zenith to Alterra's $343M debt financing — the deals that defined the year, ranked by size, execution complexity, and market impact.

The 15 Biggest IOS Moves We Covered in 2025

We spent the year tracking dirt, capital stacks, and the people moving both. Here's what rose to the top: the deals that made us look twice, the numbers that actually mattered, and the names attached to them. Some patterns became obvious: portfolio thinking beat one-off speculation, credit tenancy did heavy lifting, and the capital markets crowd proved that how you finance dirt matters as much as the dirt itself. This isn't ranked by ego or PR budget, just deal size, execution complexity, and how often we found ourselves writing about it. Let's get into it.

1) $700,000,000 | J.P. Morgan Asset Management + Zenith

**Type:** Programmatic joint venture **What happened:** J.P. Morgan Asset Management partnered with Zenith in a ~$700M JV to acquire and scale IOS nationally. **People involved:Benjamin Atkins**, **Daniel Laub** (J.P. Morgan Asset Management); **Craig Theirl** (Zenith).

2) $343,600,000 | Alterra IOS Portfolio Debt Financing

**Type:** Debt financing **What happened:** Alterra secured ~$343.6M of debt financing tied to a large IOS portfolio expansion (reported as 64 properties). **People involved:** **Scott Whittle** (Alterra); **Nadia Mahmoud** (Truist); **Kim Liautaud** (BMO); **Chad Orcutt** (JLL).

3) $189,000,000 | Blackstone Mortgage Trust Commitment Alongside Alterra

**Type:** Financing commitment **What happened:** Blackstone Mortgage Trust committed ~$189M alongside Alterra as the portfolio scaled nationally **People involved:** **Scott Whittle** (Alterra).

4) $180,000,000 | Criterion Group + Columbia Pacific Advisors Refi (Axos Bank)

**Type:** Portfolio refinance **What happened:** Criterion and Columbia Pacific locked a **$180M** refi from **Axos Bank** across a 34-asset IOS portfolio (290 acres, 11 states). **People involved:** **Christopher Peck**, **Peter Rotchford** (JLL, arranged).

5) $150,000,000 | Barings + Brennan Investment Group JV

**Type:** Programmatic joint venture **What happened:** Barings formed a JV with Brennan targeting an initial **$150M** of IOS acquisitions. **People involved:Raymond Tiernan** (Barings); **Michael Brennan** (Brennan Investment Group).

6) $100,000,000 | Triten + TPG Angelo Gordon Portfolio Refi (Truist Bank)

**Type:** Portfolio refinance **What happened:$100M** refi secured by a 19-asset IOS portfolio across 7 states. **People involved:** **Justin Horowitz**, **Ben Knopf**, **Joshua Tropper**, **Richard Horowitz** (Cooper Horowitz); **Zach Dobin** (Triten); **Matt Lazar** (TPG Angelo Gordon).

7) ~$92,000,000 | Morgan Stanley Real Estate Investing (MSREI) Fontana Acquisition

**Type:** Acquisition (NNN structure noted) **What happened:** MSREI acquired a 26-acre IOS site in Fontana for **~$92M**, tenant Oldcastle Infrastructure (CRH). **People involved:** **Will Milam**, **Lauren Hochfelder** (MSREI).

8) $52,100,000 | Outpost Buys 17 Acres Near MIA (from CenterPoint)

**Type:** Acquisition **What happened:** Outpost acquired **3200 NW 67th Ave, Miami** for **$52.1M**. **People involved:** **Marc Smouha**, **Jonathan Marti** (CorePoint Real Estate).

9) $16,750,000 | West Palm Beach IOS Sale (Health Care District)

**Type:** Disposition **What happened:** Sale of **100 N Benoist Farms Rd, West Palm Beach** for **$16.75M** (buyer: Health Care District of Palm Beach County). **People involved:Patrick McBride**, **Chris Spear** (ComReal, repped both sides; seller noted as Outour Storage Investments).

10) $13,000,000 | Dalfen Industrial Buys in Dania Beach (Miami Metro)

**Type:** Acquisition **What happened:** Dalfen acquired 7.03 acres across two addresses in Dania Beach for **$13M**. **People involved:** **Sean Dalfen**, **Tyler McElroy**, **Chris Segrest** (Dalfen); **Eli Havlik**, **Tom O’Loughlin**, **Larry Genet**, **Michael Oretsky** (CBRE).

11) $12,275,000 | Bounat Sells 30 Acres in DeBary (to Strategic Real Estate Partners)

**Type:** Disposition **What happened:** Boutique National (Bounat) sold 311 Benson Junction Rd for **$12.275M**. **People involved:Michael Farley**, **Nick Ganey** (Bounat); **Derek Riggleman** (Lee & Associates, now marketing for lease).

12) $10,250,000 | Everwood Buys Tampa-Area Deal (Odessa, FL)

**Type:** Acquisition **What happened:** Everwood acquired 14 acres at 14159–14201 Black Lake Rd for **$10.25M**. **People involved:** **William Peeples** (Everwood); **Peter Cecora**, **Olivia Brock** (JLL).

13) $7,200,000 | Fort Lauderdale Infill IOS Trade

**Type:** Disposition **What happened:** 1800 NW 22nd St traded for **$7.2M**. **People involved:** **Noah Ohayon**, **Jose Sasson Lerner** (Axiom Capital Advisors).

14) $6,900,000 | Morganville, NJ Infill Trade

**Type:** Disposition **What happened:** 173 Amboy Rd traded for **$6.9M**. **People involved:** **Liam McGregor**, **Mark Silverman**, **Brian Fiumara**, **Elli Klapper** (CBRE).

15) $6,200,000 | TWR Real Estate Partners Buys Tempe Yard + Small-Bay

**Type:** Acquisition **What happened:** 1107–1121 W Ranch Rd acquired for **$6.2M**. **People involved:** **Landon Mckernan**, **Mark Cassell**, **Cameron Miller** (LevRose); **R. Shane E. Doherty** (Commonwealth Land Title).

Quick pattern we saw all year

Biggest dollars clustered into three lanes: · **Programmatic capital** (large JVs) · **Portfolio financing** (refis and debt packages enabling scale) · **Credit-anchored acquisitions** (long-duration, institutional buyers)