Columbia Pacific, Criterion Land $180M for IOS Portfolio

A joint venture between Criterion Group and Columbia Pacific Advisors has obtained $180 million in refinancing for a 34-property national industrial outdoor storage portfolio. Axos Bank provided the floating-rate, five-year loan in a deal brokered by JLL Capital Markets.

The critical infill logistics collection spans more than 15.4 million square feet across 290 acres. The portfolio is spread across key Tier 1 and Tier 2 markets in Connecticut, Florida, Georgia, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Tennessee, Texas and Virginia.

The outdoor storage facilities provide convenient access to major highways, intermodal rail hubs, dense population centers and port infrastructure. The buildings are used for storing heavy machinery and construction equipment, shipping containers and fleet parking.

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JLL Capital Markets Senior Managing Directors Christopher Peck and Peter Rotchford led the team that worked on behalf of the borrower. Criterion Managing Directors Ted Popov and Chris Sullivan, along with Columbia Pacific Advisors Managing Director Rebecca Bloom and President Pete Aparico also helped arranged the deal.

One of Criterion’s U.S. industrial facilities is 1286 Milledge St., a 200,934-square-foot industrial facility in East Point, Ga., an Atlanta submarket. The company acquired it in May 2022, according to Yardi Research Data.

Industrial outdoor storage’s national resilience

The industrial outdoor storage market continues to be a steady subsector due to strong tenant fundamentals, limited supply and rising demand driven by logistics, construction and e-commerce. Strict zoning laws create barriers to new development, while established tenants sign long-term leases, ensuring stable cash flow and making the subsector resilient.

Earlier this year, Alterra IOS obtained a $343.6 million loan from Truist Financial Corp. and Bank of Montreal on behalf of Alterra IOS Venture II, a closed-end fund with $524 million in equity commitments. The company will use the funding to refinance three maturing notes secured by 64 industrial outdoor storage properties.