Alterra IOS has acquired over 300 sites nationwide, today announced the closing of $189 million in financing from Blackstone Mortgage Trust Inc.

Justin Horowitz of Cooper Horowitz worked with Alterra IOS Venture III to market and source the financing. The funding was secured for assets acquired in Alterra’s latest venture. Alterra has now secured over $1 billion in lender financing for the fund, which closed in May 2024 at $925 million in total commitments, exceeding the original fundraising goal of $750 million and reaching its hard cap.

The funding from Blackstone Mortgage Trust backs 49 IOS sites across 22 states, totaling approximately 235 usable acres. This financing comes on the heels of several significant transactions for Alterra in 2024, including the sale of an institutional-grade portfolio of 51 IOS assets to Peakstone Realty Trust in November for $490 million.

“We are thrilled to close our first financing with the Blackstone team and to add another leading institution to a growing list of capital providers supporting our IOS platform,” said Scott Whittle, Chief Financial Officer for Alterra IOS.

JLL Capital Markets arranged $22.3 million in acquisition financing for industrial outdoor storage (IOS) properties located at 115 St. Nicholas Ave. and 115 Skyline Dr. in South Plainfield, Middlesex County, NJ. Senior managing directors Jon Mikula and Jim Cadranell, associate John Cumming and analyst Christian Badalamenti worked on behalf of Oliver Street Capital to secure the acquisition loan through Byline Bank.

The site includes three buildings totaling approximately 32,000 square feet, equipped with 34 docks and seven drive-ins, catering specifically to industrial tenants’ needs. It also features 8.75 usable acres dedicated to parking and outdoor storage. The property is currently occupied by TransAmerican, a national trucking and storage company.

“The property’s strategic location in South Plainfield, coupled with its robust infrastructure, makes it an ideal asset for any industrial tenant needing proximity to the New York-New Jersey transportation network,” said Cadranell. “This financing deal underscores the strong market fundamentals and high demand for well-placed IOS properties in New Jersey.”