Peakstone Realty Trust acquires 51 IOS properties for $490M from Alterra/J.P. Morgan

Peakstone Realty Trust

Acquired 51 industrial outdoor storage properties on 440 usable acres across 14 states for $490M, funded via credit facility and cash.
Operating portfolio (45 assets) is 99.6% leased with a weighted average lease term of 4.5 years and 47% investment-grade tenants.
Company sees ~70% mark-to-market rent upside on operating assets and additional yield from 6 redevelopment sites.
CEO states acquisition expands industrial footprint and aligns with strategy to shift portfolio toward industrial assets.
Transaction was off-market; BofA Securities acted as exclusive financial advisor.

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