CBRE Podcast: You Ain’t Seen Nothin’ Yet – Industrial Outdoor Storage Takes Off
JULY 13, 2026 | Source: CBRE — THE WEEKLY TAKE
Leo Addimando joins Will Pike and Spencer Levy of CBRE on The Weekly Take podcast.
Alterra co-founder and CEO Leo Addimando sits down with CBRE’s Will Pike and host Spencer Levy for a 33-minute conversation on the rise of industrial outdoor storage — from a favor for a friend’s crane yard a decade ago to a coast-to-coast platform of roughly 400 properties. The episode covers why location drives IOS value, why zoning is the sector’s defining constraint, and how institutional capital is closing the valuation gap between IOS and traditional industrial.
JULY 10, 2026 | Source: GREEN STREET — COMMERCIAL MORTGAGE ALERT
Commercial Mortgage Alert, July 10, 2026. Image: Green Street News.
Alterra IOS has secured a $400 million financing facility secured on an equity pledge basis.
$400M
Financing Facility
99
Properties in Portfolio
27
States Covered
Truist and KeyBank closed the floating-rate facility this week, with Truist serving as administrative agent on $225 million and KeyBank as syndication agent on the remaining $175 million. The deal carries an initial three-year term with at least one extension option, and Alterra used a portion of the proceeds to retire existing debt.
A shift toward more scalable, platform-based financing solutions in real estate.Scott Whittle, Chief Financial Officer, Alterra IOS (via Green Street)
The structure is notable: rather than mortgaging the assets themselves, the debt is backed by Alterra’s equity interest in a 99-property portfolio spanning 27 states — 551 acres of outdoor storage and nearly 2.1 million square feet of adjacent warehouse space along major transportation corridors. By avoiding property-level underwriting of the pool, the approach reduces legal and administrative burden for high-volume portfolios like IOS.
Commercial Observer Power Young Professionals List
JUNE 24, 2026 | Source: COMMERCIAL OBSERVER
Kate Mooney, Senior Associate in Capital Markets at Alterra IOS. Photo: Commercial Observer.
Kate Mooney is featured as a 2026 Power Young Professional by Commercial Observer.
$600M+
Debt Facilitated in First Year
$244M
Blackstone Acquisition Financing
$103M
PGIM Credit Facility
Commercial Observer named Kate Mooney, senior associate in capital markets at Alterra IOS, to its 2026 Power Young Professionals list. Since joining the firm in 2025 after roles at EQT Real Estate and WSFS Bank, Mooney has helped facilitate more than $600 million in debt across the platform — including $244 million in acquisition financing from Blackstone Real Estate Debt Strategies for the purchase of 37 IOS properties, and a $150 million loan facility in funds managed by Blue Owl Capital.
That just goes to show a large-scale institutional manager’s investment in us.Kate Mooney, Senior Associate, Capital Markets, Alterra IOS (via Commercial Observer)
Mooney also helped lead PGIM to its first investment in the IOS sector in March — a $103 million credit facility secured by 23 sites across 18 markets — part of a broader wave of institutional lender confidence in industrial outdoor storage driven by low vacancy, constrained land supply, and high tenant demand.
National industrial investor picks up 6-property portfolio in San Antonio
JUNE 15, 2026 | Source: SAN ANTONIO BUSINESS JOURNAL
An aerial view of 727 N. WW White Rd., one of six properties acquired. Image: Alterra IOS.
Alterra IOS acquires six assets in the San Antonio metropolitan area.
6
Properties Acquired
96.5
Total Acres in Alamo City
18
San Antonio-Area Properties
Alterra IOS closed on six properties across the San Antonio area in recent months, bringing the firm’s Alamo City presence to 18 properties totaling 96.5 acres. The additions include adjoining tracts on Goll Street with 67,824 square feet of warehouse space, a 5.1-acre off-market acquisition in Schertz, 8124 Bracken Creek Drive, and two sites on N. WW White Road near the I-10 and Loop 410 interchange.
These new locations add high-quality infill sites to our portfolio.Gavin Weaver, Vice President of Acquisitions, Alterra IOS (via San Antonio Business Journal)
The buys deepen Alterra’s foothold in a strengthening South Texas market: San Antonio’s industrial outdoor storage vacancy rate fell to 10.5% in the first quarter, with roughly 451,000 square feet of absorption, according to CBRE’s Q1 market report.
The latest NAIOP podcast digs into the rise of industrial outdoor storage — the fast-growing sector reshaping how goods, equipment and materials move across the country.
Alterra IOS Scores $244M From Blackstone for Acquisition of 37 IOS Sites
JUNE 5, 2026 | Source: COMMERCIAL OBSERVER
Industrial outdoor storage. Photo: Emily Assiran / for Commercial Observer.
Alterra IOS has secured $244 million in acquisition financing from Blackstone Real Estate Debt Strategies to fund the purchase of 37 industrial outdoor storage properties nationwide.
$244M
Blackstone financing
37
IOS sites acquired
27
Markets
The nonrecourse loan from Blackstone’s BREDS platform will finance the 37-site purchase — spanning 27 markets, 165 acres and more than 800,000 square feet — along with future acquisitions. It pushes the total institutional debt Alterra IOS has raised past $1.8 billion since the firm’s 2016 founding. Rather than conventional mortgage financing, Alterra structured the deal as an equity pledge with Blackstone.
We appreciate Blackstone’s creativity and collaboration in helping us achieve a solution aligned with our long-term capital strategy as demand for high-quality IOS assets continues to grow.Scott Whittle, CFO, Alterra IOS (via Commercial Observer)
The financing is the latest in a string of institutional commitments to Alterra, which has acquired more than 470 IOS sites across 37 states and recently drew capital from PGIM and the Bank of Montreal. The deal signals continued institutional appetite for a sector once dominated by small, local owners.
Industrial giant expands Colorado footprint with five acquisitions
MAY 7, 2026 | Source: DENVER BUSINESS JOURNAL
An industrial outdoor storage property in Denver. Photo: Alterra IOS.
Alterra IOS has acquired five properties across metro Denver and Colorado Springs, deepening its position in one of the country’s most supply-constrained industrial markets.
5
Colorado acquisitions
36.4
Usable acres
14
Properties statewide
The five acquisitions, completed over the first quarter of 2026, total 36.4 usable acres and 128,000 square feet of accompanying warehouse space, and are all fully leased. Financial terms were not disclosed. Alterra now owns and operates 14 properties across 134 usable acres in Colorado.
It’s really supply constrained from a heavy industrial land perspective. The land use laws surrounding outdoor storage being a permitted use is not very prevalent.Parker Pearson, Partner, Alterra IOS (via Denver Business Journal)
The sites sit close to interstate highways, and Alterra cited Colorado’s population growth and economic momentum as reasons the state has become one of its top markets. The firm now operates roughly 450 IOS sites nationwide.
Alterra IOS has secured a $103 million credit facility from PGIM, backed by 23 industrial outdoor storage properties and earmarked to fund future acquisitions.
$103M
Credit facility
23
IOS properties
18
U.S. markets
The facility, provided by PGIM’s real estate credit arm, is secured by 23 IOS properties across 18 U.S. markets and marks Alterra’s first debt financing with PGIM. Justin Horowitz of Cooper-Horowitz arranged the transaction.
PGIM’s partnership underscores growing confidence in IOS as a durable, long-term asset class.Scott Whittle, CFO, Alterra (via Commercial Observer)
PGIM’s Justin Levitt noted the sector is benefiting from surging tenant demand and a shortage of new supply, particularly across vacant or underutilized sites in dense urban markets. The deal adds to the rapid institutionalization of IOS as a recognized asset class.
Alterra IOS has received a passive, minority investment from Almanac, the private real estate arm of Neuberger, to support its rapidly growing industrial outdoor storage platform.
450+
Properties nationwide
38
States
$8.9B
Almanac capital committed
The strategic minority investment, made into Alterra’s management entity, is intended to fuel continued expansion and further institutionalize IOS as an asset class. Alterra is the nation’s largest owner and manager of IOS assets, having acquired more than 450 properties across 38 states. Berkshire Global Advisors advised Alterra on the transaction.
IOS continues to outperform and has proven to be very resilient in downturns. This investment enables Alterra to build on our existing capabilities and further strengthen our leadership position in the growing IOS market.Matthew Pfeiffer, Managing Partner & CIO, Alterra
Almanac — a Neuberger business unit that has committed more than $8.9 billion to 59 real estate companies — brings permanent capital and a track record of scaling real estate managers. The investment underscores rising institutional confidence in IOS, driven by e-commerce and infrastructure demand against structurally constrained supply.
Firm at center of US industrial outdoor storage expansion adds 11 properties
DECEMBER 30, 2025 | Source: COSTAR
A property at 777 Doheny Drive in Northville, Michigan. Photo: CoStar.
Alterra IOS has acquired an 11-property industrial outdoor storage portfolio across the country, capping a year of major financing deals.
11
Properties acquired
31.6
Usable acres
4
Key markets
The portfolio spans markets including Chicago, Houston, San Francisco and northern New Jersey, totaling 31.6 usable acres. It is leased to Jack Doheny Companies, an equipment-rental firm based in Northville, Michigan; the sale price was not disclosed.
This portfolio is representative of our core thesis — acquiring well-positioned industrial outdoor storage assets with grade-level warehouses and supportive IOS zoning.Mark Gannon, SVP of Acquisitions, Alterra IOS (via CoStar)
The deal followed a year of headline financings for the Philadelphia-based investor — including $189 million from Blackstone Mortgage Trust, nearly $344 million from Truist and the Bank of Montreal, and a $150 million loan from Blue Owl — as the once-obscure sector gained mainstream institutional attention.
