Sagard, La Caisse Launch IOS Investment Platform
The partnership will target infill sites in key U.S. seaport markets.
Sagard Real Estate and Canada-based La Caisse have teamed up on a new partnership that will invest at least $360 million in industrial outdoor storage properties across major U.S. infill markets.
The platform will focus on key seaport metros, with an option to scale the partnership with further capital commitments. Target markets include Southern California, Greater New York/Northern New Jersey, the San Francisco Bay Area, Houston and the Baltimore/Washington, D.C., metro.
The partnership’s first acquisition is an asset located in the Meadowlands submarket in northern New Jersey that serves the Greater New York City area. The property is fully leased to a tenant using the site for vehicle fleet management. The location of the operational hub provides strong connectivity to Manhattan and the Port of New York and New Jersey.
First dedicated IOS program
Chad Messer, deputy CIO & portfolio manager at Sagard Real Estate, told Commercial Property Executive the partnership with La Caisse is the firm’s first dedicated IOS program. The company has selectively targeted IOS investment as an extension of its industrial investment strategies and diversified funds.
Rana Ghorayeb, executive vice president & head of real estate at La Caisse, said in prepared remarks the partnership with SRE enables La Caisse to create a dedicated IOS platform. The new entity strengthens the group’s real estate portfolio construction strategy with diversification into an alterative sector, Ghorayeb added.
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Calling IOS is a critical supply chain asset class, Ghorayeb said it benefits from strong structural tailwinds including e-commerce growth, global trade and nearshoring. The investment firm expects to leverage SRE’s fully integrated regional teams and off-market sourcing capabilities to find high-quality investment opportunities.
Headquartered in Denver, SRE has regional offices in New York City; Los Angeles, Charlotte, N.C.; Austin, Texas; and the San Francisco metro. The firm has $6 billion in assets under management in the U.S., including portfolio management, acquisitions, debt origination, asset management, development and property management for investors.
Messer told CPE the firm is well positioned to source difficult-to-find IOS opportunities because of its local investment teams on the ground.
SRE’s industrial investments
Last May, SRE secured a financing package totaling $257.7 million from Wells Fargo to refinance a 16-property industrial portfolio spanning 1.7 million square feet across eight states. About 80 percent of the properties were shallow-bay warehouses ranging from 50,000 to 200,000 square feet.
More recently, SRE secured a $99.4 million loan from Walton Street Capital to refinance a 936,775-square-foot Class A industrial campus in Thornton, Colo., near Denver. Tenants at the campus, which came online between 2020 and 2024, include regional and national companies.
Also in October, the firm acquired an industrial facility in San Leandro, Calif., in the Oakland-East Bay industrial corridor. Completed in 1973 and renovated in 2024, the property includes a 2,600-foot-maintenace facility and adjacent 1.4-acre laydown yard.
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