GreenPoint Launches $500M Industrial Outdoor Storage Platform

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GreenPoint Partners has made a strategic investment in Semi-Stow, an Austin, Texas–based semi-truck parking and trailer storage operator, in conjunction with the launch of a dedicated $500 million truck and trailer industrial outdoor storage platform.

GCM Grosvenor is GreenPoint’s lead investor for this strategy, in part through funds managed on behalf of large U.S. pension funds.

The investment will provide capital for both Semi-Stow’s expansion and for the acquisition of a portfolio of semi-truck parking and trailer storage assets across the U.S., valued at $500 million or more. The platform has already closed on its first two purchases, with a total storage capacity for more than 1,000 semi-trucks and trailers, in the Houston and Dallas–Fort Worth markets.

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Led by managing partners Trent Cameron and Dennis Nabors, Semi-Stow currently manages 30 sites totaling more than 5,500 truck and trailer spaces across the U.S. Alexander Çakir, partner & co-head of real estate at GreenPoint, said in a prepared statement that the newly formed joint venture can help address the national shortage of safe and secure parking locations for commercial trucks while improving and simplifying the overall experience for both drivers and logistics providers.

IOS, more mainstream

Industrial outdoor storage assets are increasingly accepted as a mainstream part of the industrial sector, in part because of the steady tenant demand for them, driven in turn by e-commerce, last-mile deliveries and supply chain disruption, according to a Marcus & Millichap report.

Nationwide since 2018, IOS properties have seen lower average vacancies than other industrial properties, as well as substantial rent growth, Marcus & Millichap states. This is party due to factors such as strict zoning requirements and municipal development restrictions that have been barriers to new construction of IOS facilities.

In December, Alterra IOS Manager, on behalf of a private equity client, acquired a 14-property portfolio of industrial outdoor storage assets across eight states from Heniff Transportation Systems LLC, a national bulk transportation provider. The sale-leaseback was valued at more than $86 million.