A Los Angeles-based real estate investment firm has acquired an industrial outdoor storage portfolio covering more than 100 acres in northeast Houston.

Mirimar Capital Advisors paid an undisclosed amount to acquire the 11-property IOS portfolio from Houston-based Triten Real Estate Partners. The portfolio is located near the intersection of Wallisville Road and Oates Road.

The properties, located across 117 improved acres, have close access to the Interstate 610 Loop, Interstate 10 and Highway 90, as well as such critical regional infrastructure as the Port of Houston terminals and the UP/BNSF intermodals.

The properties are 100% leased, Triten Real Estate Partners said. Tenants across the portfolio operate in essential sectors such as transportation, distribution, freight and material supply — industries reliant on proximity to port, rail and highway infrastructure. The assets serve as operating hubs for regional and national logistics operators alike, Triten said.

"This portfolio was a rare opportunity," Will Hedges, a partner with Triten, said in a May 19 press release. “It’s located in one of the most active logistics corridors on the east side of Houston, second only to the port.”

Hedges added that the IOS properties acquired by Mirimar offer a number of attractive features.

“Being able to offer 5- to 15-acre sites serve as a sweet spot for tenant demand,” Hedges said. “The portfolio offers immediate scale and operational synergies. In today’s uncertain market, its 100% leased status and diverse tenant base made it an especially compelling investment opportunity."

Triten purchased the portfolio in 2022 from an undisclosed Houston family as part of the company’s push to invest in IOS properties across the country, which began in 2018.

Industrial outdoor storage facilities serve a range of functions that are vital to the shipping industries. They provide a place for logistics companies to store and maintain rigs, trailers, containers and chassis, as well as a location to house bulk materials.

With the boom in e-commerce, which began before the Covid-19 coronavirus pandemic but has only continued to surge in the past few years, more and more retailers have had to beef up their shipping capabilities to meet customer demand.

Triten has bet heavily on the burgeoning IOS market. In 2020, the company teamed up with New York-based TPG Angelo Gordon to develop an indoor-outdoor storage portfolio with geographic and tenant diversification. TPG Angelo Gordon is a diversified credit and real estate investing platform within TPG, a global alternative asset management firm.

Last year, Triten and TPG Angelo Gordon announced plans to increase their acquisition goal to $1 billion of IOS properties over the next five years.

"Houston has long been a core market in our IOS strategy, and this portfolio further cemented our conviction,” Zach Dobin, industrial portfolio manager at Triten, said in the May 19 release. “We leveraged our market knowledge, tenant network, and operational platform to exceed lease-up and rent growth expectations. This transaction validates the IOS platform we’ve been building since 2018 and signals continued institutional interest in mission-critical logistics real estate.”

Elsewhere, Triten announced plans in January to develop a two-building, 392,650-square-foot distribution center on 25 acres it acquired near the intersection of FM 1960 and Kenswick Drive, not far from George Bush Intercontinental Airport (IAH). Construction on the distribution center was scheduled to begin last quarter and was expected to be completed by the fall. Both buildings will be front-load warehouses.

That announcement came about three months after the company said it would build a separate 171,000-square-foot distribution center also near IAH.