Triten Real Estate Partners and TPG Angelo Gordon are doubling down on their joint venture with plans to invest more than $1 billion in buying industrial outdoor storage assets across the country over the next five years.
Houston-based Triten and TPG Angelo Gordon first partnered in 2020 to develop an industrial outdoor storage portfolio. Since then, the joint venture has acquired $500 million of properties in 16 markets, buying an average of 18 properties each year, according to a statement.
“With renewed capital and solid momentum, along with Triten’s deep understanding and knowledge of this asset class, they are optimistic that in the next five years their portfolio will double,” a spokesperson for the venture told CoStar News in an email.
The venture is targeting "tier one primary coastal markets along with core supply chain markets that are normally found along major transportation and logistics routes," the spokesperson said.
Triten was an early operator of industrial outdoor storage assets. Since partnering with TPG Angelo Gordon four years ago, "Triten has taken an extremely thoughtful approach to grow our portfolio" from three properties in Atlanta to more than 60 assets, TPG Angelo Gordon Managing Director Matt Lazar said in a statement.
TPG, which maintains dual headquarters in San Francisco and Fort Worth, Texas, bought New York-based Angelo Gordon for $2.7 billion in 2023.