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Alterra Acquires 3 Industrial Outdoor Storage Locations in Portland MSA

By: Alterra IOS via Business Wire

December 09, 2024 at 12:47 PM EST

The trio of assets totals 23.2 usable acres and brings the firm’s regional portfolio to 6 sites

Alterra IOS, a prominent player in the industrial outdoor storage (IOS) sector that has acquired over 280 sites nationwide, today announced the acquisition of three IOS sites totaling 23.2 usable acres in the Portland metro area. The parcels include the following locations: 6433 SE Lake Road in Milwaukie, Oregon; 4000 NE Columbia Boulevard in Portland, Oregon; and 17804 Shank Road NE in Hubbard, Oregon.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241209341373/en/

Aerial View of 17804 Shank Road (Credit: Alterra IOS)

Each asset is strategically located within the greater Portland region, offering tenants easy access to the area’s transportation hubs and major highways.

"The Portland region is exceptionally well-suited for IOS investment, with its connectivity to key West Coast transportation and intermodal networks,” said Matt McNutt, Vice President of Acquisitions at Alterra IOS. “Additionally, limited land availability and ongoing supply constraints have further fueled demand in the Portland market. We are excited to continue expanding our presence in the area by acquiring properties that provide tenants with centrally located, high-quality outdoor storage options to support their operations.”

All three locations are fully leased to several national and regional tenants.

6433 SE Lake Road is an 11.0 usable acre site with 20,965 square feet of accompanying warehouse space and a driver’s lounge. The site is located just eight miles outside of Portland and 15 miles from Portland International Airport. 6433 SE Lake Road also provides immediate access to the Milwaukie Expressway (OR-224), less than four miles from OR-99. The property is fully leased to a regional building materials supplier. Capacity Commercial Group facilitated the acquisition.

4000 NE Columbia Boulevard is a 4.4 usable acre site with 9,189 square feet of accompanying warehouse space and a paved parking lot for vehicle storage. Strategically located in Portland, the property is less than five miles from the Portland International Airport, with close connections to both I-5 and I-205. The facility is fully leased to a large equipment rental company which has operated on-site for the past 20 years. Tom Knecht of Colliers facilitated the acquisition.

17804 Shank Road NE is a 7.8 usable acre site with 31,000 square feet of accompanying warehouse space. The site is conveniently located between Portland and Salem, Oregon. Situated near OR-99E, OR-551N and the Portland-Hubbard Highway, 17804 Shank Road NE provides excellent transportation access across the entire state. The property is currently leased to multiple tenants that occupy a combination of yard and building space. Zach Reichle of Macadam Forbes facilitated the acquisition.

Alterra is one of the nation’s largest owners of industrial outdoor storage space, with a portfolio of more than 280 sites 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.

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 sites across 30+ 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.