Industrial Outdoor Ventures Acquires Second ISF In South Florida

Industrial Outdoor Ventures (IOV) picked up 4651 Dyer Blvd. in Riviera Beach which is fully leased to Lucid Motors.

The 3-acre property features an 8,702-square-foot maintenance facility that was retrofitted in 2020 prior to the American electric vehicle manufacturer’s occupancy.

Location was the main driver for this acquisition with its proximity to the Port of Riviera Beach and Palm Beach International Airport.

The seller was Alterra Property Group.

Earlier this week, CRE-sources reported a separate transaction in which CBRE Senior Vice President Larry Genet, Executive Vice President Tom O’Loughlin and Senior Associate Jake Zebede negotiated the sale of a 4.03-acre industrial-zoned site located at 1801 NW 15 Avenue in Pompano Beach.

These are the second and third acquisitions IOV has made in Florida in the last 24 months. The investor also owns 3732 Bryn Mawr St., a 63-door cross-dock truck terminal in Orlando that is fully leased to ABF Freight.

Industrial Service Facilities (ISF) are low coverage, mission critical facilities that are used to support supply chains in the storage, maintenance and dispatch of equipment and/or bulk material. They are primarily used by the transportation, e-commerce, construction, construction material and utility industries.

IOV is one of the most active buyers of real estate in the U.S. The firm seeks to acquire $250 million in assets over the next 12 to 24 months – with a five-year plan to amass more than $1 billion in product type. Its portfolio currently spans the U.S. with properties in major markets such as Atlanta, Denver, Dallas, Chicago and Southern California – among others.