Alterra IOS Acquires 12-Site, 43-Acre Industrial Outdoor Storage Portfolio

Alterra IOS, a prominent player in the industrial outdoor storage (IOS) sector, announced the acquisition of 12 Class A IOS sites totaling 43.3 usable acres with more than 165,000 square feet of accompanying warehouse space. The sites are situated in key metropolitan areas across the country, including Austin, Texas; Phoenix, Raleigh-Durham, N.C.; Sacramento, Calif.; and Tampa, Fla., and are primarily being leased to Herc Rentals.

“Acquiring this portfolio meaningfully expands our national footprint and reinforces our stature as a leader and trusted partner in the industrial outdoor storage sector,” said Mark Gannon, senior vice president of acquisitions at Alterra IOS. “The properties, fully leased to a publicly traded, national leader in equipment rental services, feature newer construction and highly functional site layouts. As the equipment rental sector continues to consolidate, we’re seeing rising demand for well-located, high-quality IOS sites that enable these companies to best serve their customers. This acquisition highlights Alterra’s commitment to fostering strong tenant partnerships and a well-connected national platform.”

The businessobserver, published in Florida, and the commercial observer, identified Herc Rentals as the equipment rental company to which Gannon referred.

All of the properties in the portfolio are fully leased, featuring newly constructed locations built-to-suit for the tenant. The locations included in this transaction are as follows, listed in descending order by usable acres:

• Kings Mountain, N.C. (Charlotte MSA): 7.0 usable acres with 20,950 square feet of warehouse space.
• Port Allen, La. (Baton Rouge MSA): 5.8 usable acres with 23,060 square feet of warehouse space.
• Malabar, Fla. (Palm Bay MSA): 4.9 usable acres with 19,700 square feet of warehouse space.
• Apache Junction, Ariz. (Phoenix MSA): 4.2 usable acres with 10,850 square feet of warehouse space.
• Conway, S.C. (Myrtle Beach MSA): 3.6 usable acres with 10,850 square feet of warehouse space.
• Wilmington, N.C. (Wilmington MSA): 3.0 usable acres with 14,400 square feet of warehouse space.
• Sacramento, Calif. (Sacramento MSA): 3.0 usable acres with 9,440 square feet of warehouse space. (Pictured above)
• Monroe, La. (Monroe MSA): 2.7 usable acres with 15,250 square feet of warehouse space.
• Austin, Texas (Austin MSA): 2.5 usable acres with 9,600 square feet of warehouse space.
• Ocala, Fla. (Ocala MSA): 2.4 usable acres with 15,110 square feet of warehouse space.
• Tampa, Fla. (Tampa MSA): 2.4 usable acres with 9,440 square feet of warehouse space.
• Wake Forest, N.C. (Raleigh-Durham MSA): 1.6 usable acres with 10,800 square feet of warehouse space.

This acquisition was brought to Alterra IOS by Rory Shelby and Scott Gould of Marcus & Millichap. 

“The sale of this multi-state portfolio highlights the significant demand we’re seeing for blue-chip, institutional-quality equipment rental assets in top markets, where supply is extremely limited,” said Rory Shelby, senior director of investments at Marcus and Millichap. “A transaction of this magnitude demanded a buyer with both the technical wherewithal and the capacity for seamless execution. It took a grand effort from all sides. Always a pleasure working with the team of professionals at Alterra on another great buy.”

Alterra is the nation’s largest owner of industrial outdoor storage space, the company said, having acquired more than 350 properties in 37 states across the U.S. as of Q2 2025. As a vertically integrated investor, developer and operator of IOS, Alterra is positioned to serve companies in search of national connectivity to store equipment, machinery, vehicle fleets, shipping containers, building materials, retail inventory and more. Alterra’s investment strategy focuses on acquiring prime IOS locations within dense, infill logistics and transportation gateways, ensuring proximity to critical infrastructure and end-users.

More information about the transaction can be read about at: https://www.businessobserverfl.com/news/2025/jul/22/tampa-equipment-rental-property-portfolio-deal/ and commercialobserver.com/2025/07/alterra-ios-marcus-millichap/.