Investors today are finding it difficult to resist the siren song of industrial outdoor storage, that alluring array of fenced-in parking lots for trucks.

IOS has rapidly become one of commercial real estate’s hottest asset classes as a flood of new money has sent prices sky-high. But investors looking to enter the space may crash on the rocks of an industry that is trickier — and less like the rest of the industrial market — than first meets the eye, and the talent pool of people with expertise in navigating the hazards is limited.
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