GFH Partners Sells IOS Portfolio for $113M

GFH Partners, a Dubai-based investment manager and global real assets investment arm of GFH Bank B.S.C., has completed the sale of a 10-property industrial outdoor storage portfolio across three states for $113 million. It was the firm’s fifth exit in the logistics sector in the past six years.

GFH Partners acts as investment manager of the vehicle that owned the portfolio. The buyer of the 10 properties in the Chicago area, Lenexa, Kan., and Wilmer, Texas, was not identified by GFH.

Separately, The Real Deal reported that NW1 Partners, a global real estate investment manager, acquired eight Chicago-area IOS properties for more than $74 million. The truck parking and outdoor storage sites were assembled by Transport Properties, according to TRD. GFH Partners entered into a strategic partnership with Transport Properties in July 2024.

Active IOS investor

GFH Partners states the portfolio was built around a thesis that IOS serves fleet parking, equipment storage and logistics staging in infill and transportation corridor locations where demand exceeds available supply. The firm notes those locations are constrained by zoning and scarce developable land, further straining the supply.

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Across the Chicago and Kansas properties, active asset management strengthened the portfolio’s income profile, leading to double-digit rental growth on lease renewals, high occupancy and increased net operating income over the holding period. According to GFH Partners, a vacant IOS site in Wilmer, located south of Dallas along the I-45 corridor, was transformed into a stabilized, income-generating property through a long-term lease with an investment-grade tenant.

Yardi Matrix data identifies Transport Properties as the most recent owner of a 97,472-square-foot industrial outdoor storage property at 6800 S. Interstate 45 in Wilmer, Texas.

Since 2024, GFH Partners has acted as investment manager to a series of dedicated IOS funds. The firm intends to remain active across logistics and IOS because of its confidence in the sector’s long-term fundamentals. In recent years, IOS has become an increasingly institutionalized segment of U.S. real estate. Supply remains constrained while the sector’s low capital intensity and resilient cash flows continue to attract a broader base of investors.

GFH’s recent activity

Last month, GFH sold a 2 million-square-foot super regional distribution facility and adjacent land parcel in Wilmington, Ill., to Michelin North America, the property’s long-term tenant, for $151 million. GFH Partners acquired the property in February 2021 in partnership with Silver Creek Development. It was the firm’s fourth exit from its U.S. industrial and logistics portfolio.

In June 2025, GFH Partners and Scannell Properties refinanced a seven-property, 2.3 million-square-foot industrial portfolio in seven U.S. states with a $250 million single-asset, single-borrower CMBS loan. The portfolio comprises seven assets, six of which are occupied by FedEx Ground. The seventh, located at 12900 Carol Court in Franksville, Wis., is occupied by General Mills.