Iconic Equities and Leste Real Estate have partnered to acquire what they see as an eventual $400 million run in industrial outdoor space. Iconic is an industrial asset investment and development firm and Leste Real Estate is the real estate investment arm of alternative investment manager Leste Group.
The joint venture is giving itself two years to place the money and has started with buying Garnett Storage, a five-acre storage site in Coral Springs, Florida, for $9.5 million. Serving 289 tenants, it's focused on "the complete outdoor storage needs for owners of boats, trailers, motor homes, jet skis and other commercial vehicles in Broward County and surrounding areas."
The companies say they have identified a "substantial pipeline of IOS facilities for acquisition in major metropolitan areas and port markets across the US."
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