Realterm Global Acquires 10.25-Acre IOS Maintenance Facility Portfolio in Ayer and Devens, Massachusetts
Realterm Global has acquired a two-property, 10.25-acre industrial outdoor storage (IOS) portfolio located in the Western I-495 submarket of Boston, the Annapolis, Maryland-based investment manager announced Sept. 22, 2026. The portfolio consists of specialized maintenance facilities in Ayer and Devens, Massachusetts, adding 20,200 square feet of building area to Realterm Global's transportation-focused industrial platform.
Portfolio and Property Details
The Ayer property, at 15 Westford Road, sits on 3.5 acres and includes an 8,200-square-foot maintenance facility equipped with four drive-through bays and an on-site fueling station. The Devens property, at 27 Cook Street, encompasses 6.75 acres — roughly two-thirds of the portfolio's total land area — and features a 12,000-square-foot maintenance facility with one drive-through bay.
Both sites are positioned within the established Western I-495 industrial corridor, providing users with access to the broader Boston metropolitan area. The portfolio's low building-coverage format — approximately 2.0 acres of land per 1,000 square feet of building area — is characteristic of transportation and fleet-support properties, where yard space, vehicle circulation and operational infrastructure are central to tenant utility.
Strategic Rationale
"This acquisition reinforces our strategy of targeting industrial assets in high-barrier-to-entry markets like Boston, which continues to demonstrate strong institutional and user demand," said Ed Brickley, Managing Director, Senior Fund Manager at Realterm. "These properties align well with our broader portfolio approach of targeting functional IOS maintenance facilities in major industrial nodes."
Nick Dupuis, Vice President, Investments, Northeast Region at Realterm, emphasized the operational appeal of the assets. "These properties are well-positioned within one of the region's strongest distribution submarkets and offer highly functional improvements that support the efficient operations today's tenants seek," Dupuis said. "Given the limited supply of functional IOS maintenance facilities in this market, we view these properties as key additions to our portfolio."
The Ayer facility's four drive-through bays and fueling station represent particularly specialized infrastructure. Together, the two sites offer operational redundancy and geographic proximity within the Western I-495 area while providing a substantial yard-to-building ratio suited to fleet maintenance and transportation users.
Part of a Broader IOS Acquisition Program
The Ayer–Devens transaction is the latest in a series of IOS acquisitions by Realterm Global. In January 2025, the firm acquired a 13-property IOS truck-terminal portfolio totaling 631,604 square feet across 135 acres, reported as 97% leased to 11 tenants and valued at approximately $277 million. In October 2025, a Realterm joint venture acquired a seven-property national IOS portfolio totaling 312,357 square feet across 74.2 acres, described as 100% leased and comprising six truck terminals and one fleet-maintenance facility. In January 2026, the firm announced another acquisition encompassing 22 IOS, fleet-maintenance and high-flow-through properties across major U.S. logistics markets. In June 2026, Realterm acquired a 40-acre IOS facility at 14610 Mines Road in Laredo, Texas.
The Ayer–Devens deal reflects continued institutional appetite for transportation-oriented outdoor-storage assets. Recent comparable activity in the sector includes a reported $490 million sale of a 51-property, 14-state IOS portfolio from Alterra IOS and J.P. Morgan Asset Management to Peakstone Realty Trust in November 2024, and a reported $163.5 million sale and recapitalization involving two Catalyst Investment Partners IOS portfolios totaling 18 properties in March 2025.
Market Context
Fleet-maintenance facilities require sizable yards, vehicle circulation space, fueling capability, drive-through service bays and proximity to regional freight routes — characteristics that are difficult to replicate in established industrial areas where land is scarce and zoning is restrictive. That combination of functional specificity and limited supply has drawn increasing attention from institutional investors seeking durable demand profiles in supply-constrained logistics corridors.
Realterm Global, which focuses on the transportation industry, characterizes the Western I-495 submarket as an area with strong institutional and user demand and limited availability of functional IOS maintenance properties.