Industrial property in Pierce County sold to Pennsylvania entity. Here are details
An industrial outdoor-storage site just south of state Route 512 in Pierce County sold this month to a Pennsylvania-based firm that specializes in such acquisitions.
An LLC affiliated with Alterra IOS, part of Philadelphia-based Alterra Property Group, purchased the 18-acre industrial outdoor storage parcels, with the main property at 1124 112th Street E. in the Tacoma-Parkland area, which has served as home to Rhine Demolition.
The seller was an LLC affiliated with Rhine Property Holdings of Tacoma. Terms of the deal were not disclosed.
“Each property in the portfolio offers end users superior connectivity to the greater Seattle area, allowing us to meet sustained demand in a target market,” said Parker Pearson, senior vice president of acquisitions at Alterra IOS.
Kidder Mathews brokers Mike Newton, Matt Murray, Dane Dahline and Travis Stanaway represented Alterra IOS in the off-market transaction.
“The property features IOS land integrated with existing shop buildings, offering rare flexibility in configuration ... highly sought after by IOS users across the Puget Sound,” Kidder Mathews said in a release announcing the sale.
“It was great to work with Alterra on a very complex transaction. They were able to solve many unforeseen impediments and land one of the most significant IOS deals in Pierce County,” said Mike Newton, Kidder Mathews executive vice president, in the release.
According to its website, Alterra IOS has more than 300 properties across more than 37 states, including the former Schwan’s building in Mukilteo.
Story has been corrected to reflect updated sales information. An earlier version listed an incorrect transaction amount.
This story was originally published August 25, 2025 at 11:30 AM.
