Alterra grows its presence in the Houston metropolitan area to 31 properties, further solidifying its footprint in one of the nation’s leading port cities
Alterra IOS, a prominent player in the industrial outdoor storage (IOS) sector which has acquired over 270 properties nationwide, today announced the acquisition of four IOS properties totaling 17 acres in the Houston metropolitan area. The sites include 8121 & 8223 Parkside Avenue in Baytown, Texas, 5100 Underwood Road in Pasadena, Texas and 9002 Wayfarer Lane in Houston, Texas.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240912472169/en/
Aerial View of 8121 & 8223 Parkside Avenue (Photo: Business Wire)
Each property is strategically located within a large industrial swath in the Houston MSA, offering exceptional functionality and convenient access to major highways, shipping ports, and airports. Houston’s port activity, combined with its diverse economy and status as a prominent national logistics and distribution center, continues to drive IOS investment in the metro area.
“Alterra has placed a continued emphasis on IOS sites in the Houston market that are proximate to the critical infrastructure and highways that service both the global economy and one of the nation’s largest MSAs,” said Mark Gannon, SVP Alterra IOS. “Houston will continue to be a vital component of Alterra IOS Venture III, Alterra’s latest fund which closed earlier in 2024.”
8121 and 8223 Parkside Avenue, located within the newly developed Bay 10 Business Park, represent a combined 7.2 acres with 50,000 square feet of accompanying warehouse space. Following the recent acquisition, Alterra is proceeding with site-level improvements to further increase the appeal of each site to prospective IOS tenants. These upgrades, along with the properties’ prime location and visibility, make the park a desirable offering for tenants in the Houston area. The newly constructed, fully paved sites offer highway frontage on Route 99 and provide tenants with immediate access to I-10. Future tenants will also benefit from close proximity to the Port of Houston, the largest port in Texas and one of the largest in the country.
5100 Underwood Road, a 5-acre site with 57,500 square feet of warehouse space, is part of a three-property sale-leaseback with a national industrial chemical cleaning company. The company has entered into a 10-year sale-leaseback agreement with Alterra post-closing, highlighting its confidence in the property and Alterra's management capabilities. 5100 Underwood Road is ideally situated within close proximity to two ports and the city of Houston. Additionally, the property has its own rail spur, providing immediate access to national rail networks directly from the site.
9002 Wayfarer Lane is a 4.6-acre site with 40,930 square feet of accompanying warehouse space located near the William P. Hobby Airport, transportation artery I-45, and the BNSF Railway. A national trucking company renewed its lease with an extra 5-year renewal option, maintaining a productive relationship and continued trust in Alterra's ability to service and maintain IOS properties.
Alterra is one of the nation’s largest owners of industrial outdoor storage space, having acquired over 270 assets in more than 30 states across the U.S. As a vertically integrated investor, developer, and operator of IOS, Alterra is uniquely positioned to serve companies in search of national connectivity to store equipment, machinery, vehicle fleets, shipping containers, building materials, retail inventory, and more.
Lee & Associates’ Houston team facilitated the acquisition of 8121 and 8223 Parkside Avenue and will also lease the sites. Marketing of the properties has already begun, with a new speculative office and a reinforced concrete yard being added to the property at 8121 Parkside.
The acquisition of 5100 Underwood Road was sourced off-market via a tenant relationship.
Zane Carman of Partners Real Estate facilitated the acquisition of 9002 Wayfarer Lane. Partners will be responsible for leasing and marketing of the properties has already begun.
About Alterra IOS
Alterra’s industrial real estate platform, Alterra IOS, is dedicated to providing real estate solutions through property acquisition, development, management & leasing for tenants in the heavy industrial & outdoor storage space. Focused on low-building coverage sites with large, stabilized yard space to accommodate an array of uses such as vehicle, material, and equipment storage, Alterra brings an institutional comprehension of the municipal & logistical complexities in securing mission-critical real estate for the often-overlooked sectors of the U.S. industrial landscape. Over the past six years, Alterra IOS has created tenant relationships in the transportation & logistics, vehicle storage, equipment rental, and building materials industries through the acquisition or development of over 270 properties across 30+ states as of Q2 2024. The dedicated team of investment, development, construction, and asset management professionals provide tenants the resources to grow and improve their businesses through site selection, development, and/or sale-leaseback transactions.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240912472169/en/
