Zenith secures $215M for its next IOS growth phase
The new senior secured facility refinances 34 properties totaling 140 acres across Southeast, South Central, and Southwest markets. At 99.6% occupancy and with an accordion feature for added borrowing capacity, the structure gives the venture room to accelerate acquisitions without sacrificing…
IOS Market Pulse: August 3-6, 2026
💰 The Headliner: $215M backs 34 IOS assets
Zenith and J.P. Morgan add scalable portfolio financing
The new senior secured facility refinances 34 properties totaling 140 acres across Southeast, South Central, and Southwest markets. At 99.6% occupancy and with an accordion feature for added borrowing capacity, the structure gives the venture room to accelerate acquisitions without sacrificing portfolio stability.
Financing Details:
- Facility: $215 million senior secured credit facility
- Collateral: 34 IOS assets totaling 140 acres
- Occupancy: 99.6%
- Sponsors: Zenith Industrial Outdoor Storage and J.P. Morgan Asset Management
- Zenith Leads: Ben Atkins, Co-Founder and CEO; Vinh Thai, Head of Investments; Max Rodenborn, Vice President
- Lenders: KeyBank, led by Jessica Lauerhass, and Truist
- Arrangers: Justin Horowitz, Ben Knopf, and Josh Tropper of Cooper-Horowitz
A well-known end user acquired Patriot Industrial Park in the East Rogers submarket. The low-coverage property pairs approximately 31,000 square feet of warehouse space with more than 17 acres of outdoor storage capacity in a market constrained by zoning and limited IOS availability.
- Buyer: Well-known end user, identity not yet disclosed
- Seller: Not yet disclosed
- Seller Representatives: Johnny Galloway and Colby Hoagland, Cushman & Wakefield | Sage Partners
PONTIAC, MICHIGAN: 13-acre income-producing IOS opportunity
- 13-acre site with a 120,000-square-foot industrial facility
- Four-tenant income-producing asset with functional outdoor storage
- Access to major Metro Detroit transportation corridors
- Pricing and street address not yet disclosed
- Brokers: Brandon Abdelnour and Marcel Sarkisian, Encore Real Estate Investment Services
Large lenders are underwriting stabilized IOS portfolios at institutional scale, while regional transactions and new offerings continue to emphasize scarce zoning, usable yard area, and existing cash flow.
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