Alterra IOS Adds 3 Chicago-Area Industrial Outdoor Storage Sites To National Portfolio

October 09, 2024 at 10:41 AM EDT

Investment firm continues to expand its presence in the Chicago market, with new acquisitions bringing total regional portfolio to 10 properties

Alterra IOS, an institutional investor in the industrial outdoor storage (“IOS”) sector that has acquired over 280 properties nationwide, today announced the acquisition of three IOS sites totaling 14 usable acres in the Chicago metropolitan area. The parcels include 2201 East Higgins Road in Elk Grove, Illinois; 22634 South Frontage Road East in Minooka, Illinois, and 300 W. Chicago Ave. in East Chicago, Indiana.

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Aerial View of 2201 East Higgins Road (Credit: Alterra IOS)

Each property is conveniently located within the greater Chicagoland area, offering proximate access to the region’s major highways, intermodal network, and international airports.

“These three IOS properties are representative of our thesis nationwide, targeting infill assets with proximity to major infrastructure & population centers. Furthermore, each site has a functional layout, with grade level service buildings that work not just for equipment rental users, but a diverse, wide-ranging universe of IOS subsectors,” said Mark Gannon, SVP, Alterra IOS. “Demand for these property specifications has been resilient both in Chicago and our other key, target markets.”

All three locations are fully leased to a global leader in the equipment rental industry and are equipped with the following:

2201 East Higgins Road represents 4.8 usable acres with 35,000 square feet of accompanying warehouse space. The fully paved site is located just north of Chicago, in near proximity to the O’Hare International Airport. 2201 East Higgins Road is also within close range of I-90, I-290, and I-294, providing ideal transportation access to the Midwest and beyond.
22634 South Frontage Road East is a 4.4 usable acre, fully paved site. The site includes 36,000 square feet of accompanying warehouse space. Its location near the city of Joliet allows for easy access to interstate highways I-80 and I-55 and CenterPoint Intermodal Center, the nation’s largest inland port, providing unmatched connectivity to key logistical points across the country.
300 West Chicago Avenue is a 4.9 usable acre site with 34,000 square feet of accompanying warehouse space located near the Illinois/Indiana border. The fully paved site offers immediate highway access to Chicago and Midwest points east and west through I-90 and I-94, and north and south through I-65.

Alterra is one of the nation’s largest owners of industrial outdoor storage space, having acquired over 280+ properties in more than 35 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.

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 280 properties across 35 states as of Q3 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.