The vacancy rate for industrial service facilities in the nation’s top ten markets is less than three percent.
SCHAUMBURG, IL—Industrial Outdoor Ventures, the first national real estate investment company focused exclusively on the acquisition, development and re-development of industrial service facilities, has launched a new business unit called “Park My Truck.”
The move comes on the heels of the Schaumburg, IL-based firm’s recent acquisition of the largest managed truck and trailer parking lot in the US, a 44-acre, 1700-stall property in Saginaw, TX.
Industrial service facilities are mission critical facilities, primarily used by the transportation, construction, construction material and utility industries, to store, maintain and dispatch equipment and bulk material.
It is “a very well-occupied property type,” principal and chief executive officer Tom Barbera told GlobeSt.com. Using data from CoStar, IOV calculated that the vacancy rate for in the nation’s top ten markets was less than three percent. Furthermore, the “tenants tend to be sticky; these are mature companies in core industries that have a good handle on their long-term space needs.”
“The managed parking model can be replicated at major transportation centers and consumption zones around the country,” added Barbera. “Park My Truck” will acquire and develop these facilities in major markets throughout the country.
According to Barbera, the launch is a natural progression of the company’s outdoor storage transportation service offering. “Yesterday we provided single tenant triple net lease options for regional and national transportation companies. Today, we offer that same customer a full-service solution.”
IOV seeks to acquire $100 million in assets over the next 12 months with a five-year plan to amass more than $500 million in ISF properties in major markets throughout the US.