In Pursuit of IOS, Market briefs

In Houston, Dallas-based Apricus Realty Capital added another industrial outdoor storage (IOS) property to its portfolio with the purchase of the fully leased 15800 Export Plaza in Houston. The 9.7-acre site is located adjacent to George Bush Intercontinental Airport.

The purchase, in a programmatic joint venture with ABR Capital, was directed by Apricus Managing Principal Matt Haley, Vice-President Garrett Marler and Associate Cort Martin.

“We are actively pursuing IOS properties in major markets throughout Texas, as well as in Phoenix, Denver, Kansas City, and strategic port or distribution hubs. Our sweet spot ranges from $5 million to $15 million but we are entertaining larger purchases for existing portfolios,” said Martin. “Infill locations are always highly desirable.”

The Export Plaza IOS purchase follows Apricus Realty Capital”s recent purchase of 9987 Wallisville and 12400 & 12402 Taylor Road in Houston.

In the Export Plaza purchase, Apricus was represented by Jason Tangen and Paul Dominque of the Colliers Houston office.

The Export Plaza property is a fully paved/concrete site with 89,000 SF across five buildings (four warehouse/service buildings and one office.) The larger warehouse buildings are 26’ clear allowing for 50- and 10-ton cranes with 480/277 volts of heavy power.

“The tenancy at Export Plaza seamlessly aligns with our IOS portfolio,” Marler added. “We remain committed to seeking infill properties adjacent to essential infrastructure that are well suited for building material storage, heavy equipment storage, truck trailer parking, container storage and a variety of other outdoor space requirements.”

The IOS segment also known as “stabilized yards” –has been attracting attention as an asset class in the commercial real estate industry.

These Industrial facilities include parking lots for 18-wheeler trucks and trailers, and other outdoor storage areas near warehouses and industrial districts. Stabilized yards, sometimes made of crushed concrete, are also used for storing shipping containers, pipe or materials that won’t be harmed by rain, cold or heat.

Triten Real Estate Partners of Houston has also been active in the outdoor storage sector. The firm recently was involved in a significant upsize in Triten’s initial joint venture with global alternative asset management firm TPG Angelo Gordon, which has positioned the firm to acquire more than $1 billion in additional IOS assets over the next five years. Since its inception, the Triten programmatic joint venture has purchased over $500 million of IOS assets across 16 markets, averaging 18 new acquisitions yearly since 2020.