Self-Driving Trucks Start to Propel Land Rush Near Major Cities
The Wall Street Journal, Konrad Putzier (February 28, 2022)
“In December, property investor Zenith IOS launched a partnership with J.P. Morgan Global Alternatives to buy about $700 million of these so-called industrial outdoor storage properties. The partners have bought more than $150 million of properties to date, Zenith said.
Benjamin Atkins, chief executive of Zenith IOS, said he expects outdoor industrial properties to follow a path similar to single-family-rental homes and self-storage facilities, where the rise of big landlords has made it easier for pension funds and sovereign-wealth funds to buy properties in bulk, drawing in more money and pushing up property prices.
Aside from trucks, outdoor facilities zoned for heavy industrial use are also often used to store construction materials and equipment. A residential construction boom has increased demand for these facilities, too, Mr. Atkins said.”