SRS Real Estate Partners Closes $6.4 Million Nine-Property Industrial Outdoor Storage Portfolio Sale in Oklahoma City
SRS Real Estate Partners has completed the $6.4 million sale of a nine-property industrial outdoor storage (IOS) portfolio located along Oklahoma City's South Meridian corridor, the firm announced Aug. 20. The transaction underscores growing institutional appetite for IOS assets in secondary markets.
Dave Faris, vice president at SRS Capital Markets, represented the seller — an Oklahoma City-based family office that assembled the portfolio over several decades — in the off-market deal. The buyer is a Wichita, Kansas-based developer.
Portfolio Overview: 40.7 Acres Along South Meridian Avenue
The nine properties are situated along a half-mile stretch of South Meridian Avenue from 13500 to 14430 S. Meridian Avenue, as well as at the corner of SW 134th Street and Meridian Avenue in southwest Oklahoma City. The portfolio totals approximately 43,000 square feet of buildings on 1.77 million square feet of land — 40.7 acres in aggregate — implying a land price of roughly $3.62 per square foot, or approximately $157,300 per acre, based on the reported sale price.
The sites are characterized as low-coverage, fenced and rocked yard space — a profile suited to heavy equipment staging, trailer parking, and fleet operations rather than traditional warehouse distribution. At closing, the portfolio was fully leased to nine tenants. Named tenants include XTRA Lease, a trailer leasing company owned by Berkshire Hathaway; WillScot Mobile Mini, a national modular space and portable storage provider; and Barnhart Crane & Rigging, a heavy-lift and transport operator. Barnhart's Oklahoma City facility is located at 13900 S. Meridian Ave., which falls within the stated South Meridian corridor. XTRA Lease publicly lists its Oklahoma City branch at 4301 SW 134th Street.
Transaction Structure: Off-Market, Competitive Process
Faris described the deal as a targeted, confidential process directed at a curated group of IOS investors and 1031 exchange buyers. The process generated multiple competing offers and a final price above the seller's expectations.
"This was an off-market transaction of a portfolio that had been assembled by the seller over several decades," Faris said. "SRS ran a targeted, confidential process to a curated group of IOS investors and 1031 buyers, which produced multiple competing offers and a final price above seller expectations."
Cap rate and financing details were not disclosed in the announcement. The implied price per building square foot is approximately $149, based on the reported sale price and building square footage.
The new ownership intends to hold and improve the portfolio, stabilizing it as a single institutional-quality IOS asset.
IOS Sector Shift: Secondary Markets Draw Institutional Capital
The Oklahoma City transaction reflects a broader evolution within the IOS sector, which has moved from a fragmented, owner-operator asset class toward institutional ownership over recent years. IOS rents nationally have grown 123% since 2020, more than double the rent growth recorded for bulk warehouse space over the same period. The national IOS market is estimated at roughly $200 billion to $218 billion in size, spanning approximately 1.4 million acres.
Faris pointed to zoning constraints as a key supply-side driver pushing institutional capital into secondary markets such as Oklahoma City.
"The IOS property sector has spent the last several years moving from a mom-and-pop asset class to an institutional one, and that capital is no longer confined to the coastal and top 25 markets," Faris said. "This 40.7-acre, nine-property IOS portfolio in south Oklahoma City drawing multiple competitive offers says the bid for irreplaceable, low-coverage, fenced and rocked yard space has reached secondary markets in earnest. Supply is the reason — zoning that permits outdoor storage is being eliminated faster than it's being created, so assembled portfolios of this scale simply can't be replicated."
SRS Capital Markets Activity
SRS Real Estate Partners, headquartered in Dallas with 30 offices nationwide, was founded in 1986 and provides commercial real estate services across retail, industrial, and capital markets. Through the date of this announcement, SRS Capital Markets has completed more than $1.6 billion in transaction volume across more than 450 deals in 2026. The firm currently has more than 900 properties actively listed with a combined market value exceeding $4.3 billion.
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