Alterra IOS, a prominent player in the industrial outdoor storage (IOS) sector that has acquired over 300 sites nationwide, today announced the acquisition of 16 IOS locations totaling 34.8 usable acres from TruGreen, the country’s largest lawn care service provider. TruGreen serves nearly 2.3 million residential and commercial customers across more than 275 branches nationwide.
The 16 properties, acquired through a 25-year triple-net (NNN) sale-leaseback acquisition, are 100% occupied and include a collective 326,400 square feet of warehousing, maintenance shop and office space. This transaction is the second national portfolio Alterra has acquired from TruGreen. In December 2023, the firm acquired 17 sites from the lawn care company, totaling 44 usable acres and 350,000 square feet of warehouse space across 14 states.
“Closing on another portfolio of this size reinforces Alterra’s position as a premier owner and trusted industry partner within the IOS market," said Chris White, Vice President of Acquisitions at Alterra. “This portfolio is essential to TruGreen’s ability to serve its customers and perfectly aligns with Alterra’s investment philosophy. It enables seamless connectivity nationwide through well-positioned sites that support crucial transportation and logistics hubs. We’re excited to acquire and support another portfolio of properties that allows the tenant to deliver service seamlessly across the country.”
The locations within the portfolio are as follows:
- Atlanta MSA: 15 North Drive SE, Acworth, Ga
- Boston MSA: 21 Forge Parkway, Franklin, Mass.
- Columbus MSA: 4045 Lakeview Crossing, Groveport, Ohio.
- Dayton MSA: 800 Center Drive, Vandalia, Ohio.
- Denver MSA: 12445 Dumont Way, Littleton, Colo.
- Detroit MSA: 6272 Taylor Drive, Flint, Mich., and 48932 Wixom Tech Drive, Wixom, Mich.
- Grand Rapids MSA: 9077 Portage Industrial Drive, Portage, Mich.
- Greensboro MSA: 4220 Beechwood Drive, Greensboro, N.C.
- Lancaster MSA: 201 Bucky Drive, Lititz, Pa.
- Kansas City MSA: 8420 Cole Parkway, Lenexa, Kan.
- Lexington MSA: 2269 Danforth Drive, Lexington, Ky.
- Long Island MSA: 5 Todd Court in Yaphank, N.Y.
- Minneapolis MSA: 4240 Centerville Road, Vadnais Heights, Minn.
- Tulsa MSA: 2200 N Willow Drive, Broken Arrow, Okla.
- Washington D.C. MSA: 18910 Woodfield Road, Gaithersburg, Md.
This investment comes on the heels of several landmark transactions for Alterra in 2024, including the sale of an institutional-grade portfolio of 51 assets to Peakstone Realty Trust in November for $490 million. In 2024, Alterra acquired a total of 102 IOS locations across the U.S.
Alterra is one of the nation’s largest owners of industrial outdoor storage space, having acquired more than 300 properties in 36 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.
John Fink of CBRE facilitated the sale on behalf of TruGreen.
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 300 properties across 36 states as of Q4 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.
About TruGreen
Founded in 1973, TruGreen is the nation's leading lawn care provider, providing lawn, tree and shrub and pest services focused on exceeding its customers' needs. The company operates more than 290 locations across the United States and Canada, with more than 14,000 employees. TruGreen is the partner with the local, tailored solutions and science-driven expertise needed to help each outdoor living space look and feel its very best. For 50 years, TruGreen has stayed committed to making its customers' outdoor living space a place they can be proud of. For more information about TruGreen, visit TruGreen.com and follow them on Facebook, Instagram and X.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250224343050/en/
Media Contact:
media@alterraproperty.com
