Bay Street Capital announces national IOS JV with Drake Real Estate Partners
Bay Street Capital, a Miami-based real estate owner and operator focused on value-add industrial opportunities, has announced a joint venture with Drake Real Estate Partners. The new business venture has established a robust pipeline in major markets and plans to close on more than $100 million worth of industrial outdoor storage (IOS) properties.
The joint venture intends to focus on acquiring industrial assets located in urban infill locations targeting major U.S. markets. Amid the growing demand for space among industrial users, IOS properties serve as mission critical sites for a wide array of tenants, including those in need of vehicle parking and storage for containers, trailers, construction materials, and heavy construction equipment. The joint venture expects to close on additional properties later this month.
“We believe IOS is experiencing similar trends to traditional industrial real estate while offering a more attractive return profile. Furthermore, I