An affiliate of Alterra Property Group has paid $86 million for a trucking facilities portfolio, a sector newly attracting investor capital.
Alterra IOS Manager said it acquired a 14-property outdoor transportation facility portfolio in a sale-leaseback deal with Heniff Transportation Systems, a national bulk transportation provider based in Oak Brook, Illinois.
Philadelphia-based Alterra bought the portfolio on behalf of a private equity real estate client.
The locations serve as terminals, maintenance shops and load facilities in key industrial markets including Chicago, Illinois; Dallas and Houston, Texas; Memphis, Tennessee, Cincinnati, Ohio; Mobile, Alabama; Savannah, Georgia; and Lake Charles, Louisiana.
The portfolio is being fully leased backed by Heniff, which operates nearly 100 locations nationwide.
“In a market with interest rate fluctuations and volatility, it was imperative to work with a group that has full discretion over its capital and deal directly with the key decision makers to get to closing. We look forward to expanding the Heniff and Alterra relationship as we continue to expand our network,” Bob Heniff, founder and CEO of Heniff Transportation, said in a statement.
As the nation’s pandemic-fueled industrial real estate boom in warehouse demand shows signs of slowing, outdoor logistics facilities have grabbed institutional investor attention.
December 16, 2022 | 2:43 P.M.