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Deals & Dealmakers

Criterion Group and Columbia Pacific Advisors Announce Joint Venture

 Criterion Group and Columbia Pacific Advisors today announced a joint venture for the purpose of acquiring and stabilizing an industrial outdoor storage (IOS) portfolio throughout the US.

The joint venture (JV) is the formalization of an already successful partnership between the two groups. Columbia Pacific Advisors Bridge Lending, a platform within the Seattle based organization, has been instrumental in the rapid growth and early success of the rapidly expanding portfolio.

Criterion Group is a Queens, New York based investor and developer with 25 years of experience in development, building across multiple product types including multifamily, self-storage, industrial and film studios.

The partnership, driven by Criterion Group’s “boots on the ground” style of business, has acquired more than 41 IOS properties totaling 22 million square feet in 11 states for a $360 million. The national portfolio of properties brings to market over 520 acres of land that will be utilized as industrial outdoor storage, which includes equipment yards, fleet storage, and logistics support services. With an additional 42 properties in the pipeline, the JV plans to double its portfolio in the coming year.

“Not many people realize that we have already been working together for quite some time,” said Shibber Khan, Principal of Criterion Group. “Our IOS strategy started in early 2019, driving up and down the East Coast visiting sites, building broker networks, and getting deeper understanding of the asset class. The groundwork has been the key to our success.”

Will Nelson, Director of Real Estate Lending at Columbia Pacific Advisors said, “Criterion was a first-mover in the IOS space and provided us the opportunity to invest early on in the life cycle. We are fortunate to have partnered with them over the past five years and look forward to what the future holds for the relationship.”

Of the 41 executed transactions across the country, a few of the JV’s most notable acquisitions include:

·         A 10.3-acre site located at 3030 NW 33rd Street in Pompano Beach, Florida which was acquired for $16 million.

·         449 – 455 West John Street, Hicksville, New York, a $20 million, 19-acre property.

·         A $9.87 million site totaling 26.3 acres located at 9330 Jackrabbit Road, Houston, Texas.

Once a niche market, industrial parking and storage has transformed into an established asset class that is essential to fueling a healthy supply chain. According to a recent market report, the pandemic has increased the demand for industrial assets across the country. In the last quarter of 2021, the national vacancy rate dropped to 4.2%.

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