Industrial Outdoor Ventures (IOV), a Schaumburg, IL-based real estate investment company focused on providing real estate solutions for heavier industrial uses, has launched a new business unit, “Park My Truck.” The new venture secures industrial service facilities—properties that are used to store, maintain and dispatch equipment and/or bulk material.
Industrial service facilities are primarily used by the construction, transportation, construction material and utility industries. “The managed parking model can be replicated at major transportation centers and consumption zones around the country,” said IOV CEO Tom Barbera.
“Park My Truck” will acquire and develop these facilities in major markets throughout the country, which, according to Barbera, is a natural progression of the company’s outdoor storage transportation service offering. “Yesterday we provided single tenant triple net lease options for regional and national transportation companies,” he said. “Today, we offer that same customer a full service solution.”
The launch comes on the heels of IOV’s recent acquisition of the largest managed truck and trailer parking lot in the U.S., a 44-acre, 1,700 stall property in Saginaw, TX. The firm seeks to acquire $100 million in assets over the next 12 months with a five-year plan to amass more than $500 million in industrial service facilities in major markets throughout the U.S.
Photo by Nigel Tadyanehondo on Unsplash