Iconic Equities, Leste Real Estate form $400m industrial partnership

Iconic Equities and Leste Real Estate U.S. have formed a joint venture backed by institutional capital to acquire $400 million of industrial outdoor storage (IOS) facilities across the United States.

The joint venture, which is targeting two to three years to deploy capital, recently completed the $9.5 million acquisition of Garnett Storage, a five-acre storage site in Coral Springs, Fla. Designed to meet 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 site is leased to 289 tenants.

“Attractive supply and demand fundamentals driven by businesses investing to improve their logistics operations as the economy recovers from and has been reshaped by COVID makes this the right time to invest in IOS,” added Timothy Bishop, founder and CEO of Iconic Equities. “This partnership brings the capital resources and ability to identify value-add IOS facilities in