Plans Aggressive Marketing Effort for Asset Located Adjacent to Earlier Acquisition
SCHAUMBURG, IL (June 13, 2022)—Industrial Outdoor Ventures (IOV) has completed the acquisition of its second Industrial Storage Facility (ISF) in Savannah, Georgia, as the company looks to further expand its footprint in the Southeastern U.S. The terms of the acquisition of 1361 Dean Forest Road from a private seller were not disclosed.
“Our second acquisition in Savannah is part of a strategic plan to grow our portfolio is specific markets across the U.S., just as we have done in markets like Atlanta, Dallas, Houston, Southern California, Denver and Phoenix, among others,” said Eric Johnson, Senior Vice President of Development & Acquisitions, Industrial Outdoor Ventures. “Savannah, with benefits that come from the Port of Savannah, fully represents the market dynamics we look for, including strong demand, low market vacancies and healthy levels of construction.”
Johnson added that once IOV identifies a market it plans to build a footprint that gives it a competitive advantage and creates certain economies of scale.
The asset at 1361 Dean Forest Road is comprised of a 5,929-square-foot maintenance/shop building that sits on 8.50 acres of land. Upon the acquisition of the property, IOV will complete a comprehensive improvement package to enhance the marketability of the property to a variety of users that include equipment rental firms, material storage companies and trailer parking operations, to name just a few.
IOV’s will complete a thorough assessment of the asset upon acquisition and make the necessary repairs and/or replacements. The typical IOV interior and exterior capital improvement program includes painting, roof repair or replacement, the repair, installation and/or upgrade of and lighting on the premises along with any improvements needed to fencing on the property.
This represents IOV’s second acquisition in the Savannah market. In December 2021, as part of a portfolio acquisition that included a number of properties acquired on a sale-leaseback basis, IOV announced the acquisition of the neighboring property located at 1363 Dean Forest Rd. The property, which includes a 7,200-square-foot building and 3.42 acres of land, is leased to Ahern Rentals.
The broker representing both the buyer and the seller, was Stephen Ezelle with Cushman & Wakefield | Gilbert & Ezelle. He has been retained by IOV to market the asset for lease.
ERIC JOHNSON
Senior Vice President, Development & Acquisitions
Phone: 312.898.2978
Email: eric@iovre.com
ANTHONY DELAURENTIS
Acquisitions Officer
Phone: 847.595.0263
Email: anthony@iovre.com