Realterm Expands IOS Portfolio With Northeast Purchase

Realterm has acquired three industrial outdoor storage truck terminals near major Northeast interstates. Located in Boston, Philadelphia and Providence, R.I., the three facilities are part of Yellow Corp.’s Chapter 11 bankruptcy proceedings.

The properties that Realterm took over total 163 doors and include:

• 95 Concord St. in North Reading, Mass., a 52-door IOS truck terminal on 10.4 acres just outside Boston;
• 750 County Line Road in Line Lexington, Pa., a 71-door IOS truck terminal on more than 7 acres just outside Philadelphia;
• 2110 Plainfield Pike in Cranston, R.I., a 40-door IOS truck terminal on 7 acres near Providence.

Ed Brickley, managing director & senior fund manager at Realterm, said in a prepared statement that his company was attracted to these facilities due to their locations along significant freight lanes, proximity to large consumer MSAs, limited supply and strong institutional demand. Senior Vice President of Investments Derek Fish echoed Brickley’s comments, adding in prepared remarks that the expansion enhances the firm’s ability to support the logistical needs of businesses across multiple markets.

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Realterm acquires, develops, finances and manages real estate and infrastructure assets focused on the transportation industry, and currently has more than $11 billion in assets under management. In addition to its other transportation-related investments, the company has been very active in the growing IOS niche within the industrial sector.

Last May, Realterm raised $532 million in co-investment capital, alongside an investment from one of its own core-plus, open-end funds, as part of a $1.2 billion recapitalization of a national 61-asset IOS portfolio. In August of 2022, Realterm closed its Realterm Logistics Fund IV after raising $630 million in commitments. RLV IV was the 11th closed by Realterm overall. As with its predecessor funds, RLF IV invests in high flow-through logistics real estate across the country.

Yellow Corp. bankruptcy update

The nearly 100-year-old national trucking company filed for Chapter 11 bankruptcy protection in August and put more than 300 owned and leased properties up for sale. Auctions have been held in recent months and Yellow still has 46 owned and 108 leasehold terminals to be auctioned off, according to Transport Topics.

An attorney representing Yellow stated during a court hearing this week that Yellow has closed on 17 transactions for 118 owned properties and 25 leasehold assets valued at $1.9 billion with at least six more transactions expected to close in the next few weeks, the transportation industry media website reported.